By FWi staff
UK RAPESEED values have firmed this week, although a weak Chicago market continues to pressure new-crop values.
Ex-farm prices have inched up over £1 to £124.60/t, while in the north-east, values climbed to £128/t.
May deliveries are also stronger, at about £133/t, with deliveries to Liverpool at a £4 premium, offering £137/t.
This premium will be due to technical difficulties in Liverpool, noted James Read of Glencore Grain. “Liverpool needs the seed, whereas mills such as Erith may have had a delivery from Australia,” he added.
Despite firmer prices, the market remains quiet with little or no tonnages being sold, said one trader.
“Storage space is being booked on a daily basis, and the ongoing tight supply situation for spot seed continues to support values,” he added.
Harvest values have weakened this week on the back of lower Chicago soya futures prices.
The advancing South American soya crop, and reports that China and a group of North Carolina livestock feeders intend to import South American soya, pressurised prices, noted the Home-Grown Cereals Authority.
But US values have made a slight recovery at the start of this week, following the release of the US Department of Agriculture monthly supply and demand report which showed an unexpectedly large reduction in carry-over stocks.