New Highs For EU Rapeseed

Posted by Nogger - a legend in his own mind at 08:39 | Categorized as

01/12/16 -- EU grains closed mostly lower, save for rapeseed which marched on to new highs.

At the close Jan 17 London wheat was down GBP0.75/tonne at GBP137.25/tonne, Dec 16 Paris wheat was EUR1.75/tonne lower at EUR160.75/tonne, Jan 17 Paris corn was EUR0.50/tonne easier at EUR164.00/tonne and Feb 17 Paris rapeseed was up EUR3.00/tonne to EUR411.00/tonne.

Another day of sharply higher crude oil prices helped rapeseed push onto levels last seen in April 2014.

Other than that, fresh news was lacking again. Saudi Arabia tendered for 960,000 MT of feed barley for Jan/Mare shipment and Tunisia are in for feed barley and soft wheat.

EU soft wheat exports only advanced by 247,188 MT this week, according to the latest missive from Brussels. That takes the season to date total to a little over 10 MMT.

The EU Commission forecast full season exports at 24 MMT, down 1 MMT from previously.