THE recent depreciation of the US Dollar against the Euro has resulted in MATIF rapeseed prices losing over 15/t since the end of December 2000.
This had a negative impact on UK delivered prices. However, UK rapeseed continues to trade at a premium to the MATIF.
With Sterling falling to a six-month low against the Euro, price losses remain relatively limited.
EU rapeseed carry-out revised higher
Following a lower estimated rapeseed crush (8.9m tonnes) and higher imports (0.68m), a French analyst raised its projected EU rapeseed carry-out from 75,000 tonnes to 0.1m tonnes.
UK crop update
Crop analysts describe the condition of the UK rapeseed crop as satisfactory. Plant population and overall crop development are currently seen as good, although individual fields have been affected by rains and floods.
The wet weather conditions have often prevented timely spraying. Hence, phoma is reportedly widespread.
International: Chicago soya markets drop
Following sharp gains at the end of last year, when US soya products rose on the back of the MBM ban, the start of 2001 has seen a retreat in prices.
The overly burdensome soya oil stocks worldwide were cited as the main cause of the price fall, triggering increased fund selling.
China still in the market
A falling Chicago soya market and transport difficulties have resulted in China continuing to buy on the world market, despite early predictions that imports would decline this season.
It is reported that up to 8 cargoes of soyabeans may have been purchased last week.
Indias import duties on hold?
Despite internal pressure, India is believed to be freezing vegetable oil import duties at least until the end of February.
Palm oil prices remain on the slide
Malaysian palm oil prices have started 2001 as they ended 2000: falling further. Last week saw prices reaching near 15-year lows.
Taken from HGCA weekly MI Oilseeds