Futures Close Report: 28th July 2017

Strategie Grains raised its monthly outlook for this year’s rapeseed crop in the European Union by nearly 800,000 tonnes, mainly due to harvest results in France that showed crops were better than expected. The forecast saw the EU 2017 rapeseed crop at 21.9 million tonnes, now 8 percent above last year when the crop was damaged by adverse weather.  At the same time sunseed forecast was also increased by 100k tonnes to 8.5 million tonnes, 3% up year on year.

UK domestic harvest gathering pace over the weekend with farmers taking the opportunity where dryer conditions suit.  Farmers have reasonably ready access to grain drying which will assist in preserving quality of grain where possible.  OSR has seen further progression over the weekend and in South and East is virtually complete.