By Olivia Cooper
OILSEED rape has surged 10/t in the last week, driven by rocketing Chicago soya prices.
Continued hot and dry weather in the US mid-west is damaging the crops, and soya oil prices have risen by 20% over the last 10 days.
The French ministry has lowered its rape forecast by 20% to 3m tonnes, adding to the bullish tone in the market.
In the UK, prices are slightly weaker today, and just under 150/t ex-farm is achievable for harvest movement, with 140/t the mark for next years crop.
Traders agree that although the outlook remains positive, a cool and wet forecast could bring US soya prices down just as quickly as they went up.
Pulses are also well supported by the firm oilseed market and strong shipper interest in the harvest position. But sales from the farm remain slow awaiting harvest.