Rapeseed holds amid a weaker global market
BENEFICIAL weather for the development of the US soyabean crop pushed Chicago soya futures lower for most of last week.
Price falls were, however, limited by higher than expected weekly US soyabean exports and reports that China may return to the market for further soyabean purchases.
In contrast to the weaker global oilseed, meal and oil markets, EU rapeseed prices remained at last weeks level, following further downward revisions of the EU rapeseed crop (9.4/9.8m tonnes).
In particular the French crop has been cut from previous estimates and is now put at 3.9m tonnes, some 12% below 1999.
However, with the fine weather finally returning last week, the harvest resumed in Northern Europe and some price pressure can be expected once more material enters the markets.
Very early UK harvest results suggest that yields have been affected by the cold and wet weather and may fall short of expectation.
Awaiting further quality results, UK trading activity remains limited.