Rapeseed prices slide under pressure from US soya
By FWi Staff
UK rapeseed prices fell by between 50p and £2.00 per delivered tonne last week, despite a lack of farmer selling.
Ex-farm prices eased only slightly towards the end of the week to £152/t.
This can be attributed to the US soya crop, which is in full harvest at present and is putting pressure on oilseed prices.
The Home-Grown Cereals Authority predicts slow trade until Christmas because, despite busy UK crushing plants, we are now entering the time of year when the crush traditionally changes from rape to sunflower and soya.
The EU rapeseed prices also suffered last week, although sunflower seed prices gained support from uncertainty about the Russian and Ukrainian crops.
Prices increased by between £1.10-£3.60/tonne. This could be of significance this year as the EU sunflower seed crop is expected to be 400,000 tonnes below 1997s harvest, and imports look likely to exceed last years total of 2 million tonnes.
Chicago soya oil plummeted by over £13/t during the week on the back of the current weakness in Malaysian palm oil prices and the possibility of lower export taxes in Indonesia. This had a knock on effect on EU prices as rape oil dropped £9/t below figures for last week.