How low can rapeseed go? Analyst insight

Market commentary

• Pressure continues as UK feed wheat futures (Nov-23) closed yesterday at £180.90/t, down £4.50/t from Tuesday's close. The Nov-24 contract closed at £189.40/t, down £2.00/t over the same period.
• Global wheat markets were mixed yesterday. New crop Paris wheat futures were down as US wheat crop conditions improved, adding to supply pressure. Further to that, economic worries hang over commodity prices. The Chicago wheat market gained on bargain buying and concerns over rains damaging China's wheat crop. Currently parts of China's wheat growing area are receiving excessive rains, which is not good as the crop is ready for harvest.
• Paris rapeseed futures (Nov-23) closed yesterday at €403.00/t, gaining €9.00/t on Tuesday's close. This is despite a drop in Canadian canola, new-crop Chicago soyabean and crude oil futures.