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Futures Close Report: 19th December 2017

The European Commission has approved Canadian canola (OSR) for use in producing biodiesel in the European Union under its tougher environmental standard.  The EU currently requires feedstocks used to produce biodiesel to emit 35% less greenhouse gases over their life cycle than fossil fuels, to count against a 2020 target for energy consumption from renewable sources in member countries.  The standard will rise to 50% less emissions on 1st January 2018.  Canada exported C$325 million ($252.43 million) worth of canola seed to the European Union in 2016, mainly to produce biodiesel.

UK Domestic wheat  markets remain relatively static,  most farmers will shut for Christmas break, logistics are getting sorted but pressure remains owing to a relative lack of bulk vehicles on the roads.