Farming News - Oilseed Market Update: Yields higher than anticipated

Oilseed Market Update: Yields higher than anticipated


Jonathan Lane, Gleadell’s trading director, comments on the OSR market

All markets have slipped lower following the bearish USDA numbers last week. CBOT wheat has fallen £12/t and CBOT beans are down approximately £14/t.

Despite the weaker euro versus the dollar, the European market has been unable to ignore these steep declines in the US.

Matif rapeseed futures have fallen sharply and UK prices have also been affected, although ex-farm values have been cushioned by further declines in sterling.

Harvest is now largely complete throughout Europe, with just the northern regions still to get finished.

Yields have been above pre-harvest estimates. EU production is now being pegged at a little under 22mln t, with the final UK figure expected to reach 2mln t.

Short-term the market appears to have stabilised, and now all eyes turn to Canada to see how badly their crops have been affected by the hot, dry weather.