By FWi staff
UK oilseed rape prices eased last week on expectations of a bumper South American soyabean harvest.
Traders report little interest in the domestic market. Sellers are reluctant to trade at current prices and buyers are willing to wait.
Old-crop rape lost about £1 over the week and is now fetching £185/ tonne. New-crop rape matched the drop and is trading at £149/ tonne (July) and £157 (November).
Better weather in South America has helped offset fears that the El Niño weather phenomenon would reduce this years soya yields. But the crop is still expected to be “very large,” according to the Home-Grown Cereals Authority.
Taiwan has already purchased 54,000 tonnes of South American soyabeans for May delivery and orders from other countries are expected soon.