The figures in the charts are an indication only and reflect levels traded on Wednesday.
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Soya has firmed on the nearby with futures having inched only marginally higher.
Chinese buying being the suspected trigger for this.
Overall, not much change to the South American crop condition with harvest only 1% complete.
Domestic demand is starting to pick up with an increase in cover into 2025.
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Force majeure has been called following a fire at the Erith crush site.
The knock-on effect of which has caused supply issues throughout the UK in the rapemeal market.
Erith is now expecting delays for the next 6 weeks while they catch up on lost milling time.
Availability of nearby material has become incredibly difficult to get hold of, with supply of already contracted material also being difficult as Erith is cancelling fixings at the last minute.
Although prices are firmer, currency is good which is helping to keep a lid on things.
The market has seen a tightening on the nearby as availability has started to drop as anticipated.
Shippers are sending more material to the north where demand is higher, leaving the south short.
Supply will hopefully recover from January as crushes are expected to have more material available to sell.
The situation with rapemeal ex Erith and the dry weather in South America is keeping futures firm, with very little downside potential.
There is a suspicion may have hit the bottom, so cover until Christmas would be a good idea.
With the New Year also brings new questions on potential EUDR legislation which is something to watch.
Winter demand seems to be a slow burner with demand being trivial when compared to previous years.
British Sugar remains at £223/T for home-produced material through until April, leaving many struggling to make it work in the ration.
There are still small quantities of imported material Available, but with most if not all the UK’s demand being met with home-produced product, shippers are not looking to import any more.
This week the UK market firmed off the back of producers reluctance to sell and still being too far away from imports.
Sterling topped out at its highest level since 2022 on Thursday, however this seems to have done little in the way of curbing market levels.
Currently there is an overall bullish feel, with demand outweighing supply.
​And finally, totally irrelevant but quite interesting facts of the week…….
Thomas Young, the first person to decipher the Rosetta Stone, had read the bible twice by the age of four and the first advert on Channel 5 was for Chanel No. 5.
Notes:
All data in this report are provided by KW. Price indications are based on 29t bulk tipped loads delivered to Oxfordshire and are guide prices only.
For firm prices and availability, please contact Joe Cobb on 01865 393 139
Historical Product Prices​
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Spot Price Trends 01/01/21 to 25/09/2024 (£/t)
​'Price at Fixed GBP to USD (Jan 2018)' takes out the effect of exchange rate movements between £ vs. $
Currency Trends as of 25/09/2024. Blue = GBP:USD. Red = GBP:EUR
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