Oilseed rape prices down as sterling strengthens

Oilseed rape markets have dropped sharply over the past week, hampered by the strong pound and soya harvest progress in the US. Spot ex-farm prices averaged £224/t as Farmers Weekly went to press – £11/t down on the week. Pulse prices were also dragged down, with feed peas and beans losing £3/t to average £167/t and £173/t, respectively.

As of 21 September, farmers in the US had harvested 3% of the soyabean crop, with 71% reported to be in good to excellent condition. As a result, funds sold heavily on the Chicago futures market, forcing French and UK values down.

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Wheat and barley markets were also lower on the week, with feed wheat dropping below £100/t in many areas. “Strategie Grains have further increased EU production estimates: Wheat up 2.5m tonnes from last month to 146.6m tonnes; barley up almost 2m tonnes to 59.6m tonnes and maize up 3.3m tonnes to a new record of 71.3m tonnes,” said a report by HGCA.

“Sellers of feed grain may take some comfort from the rise in EU maize import duties from €5.32/t (£4.17) to €10.44/t (£8.18),” it added. “Although it may cushion the decline in global prices, it is unlikely to offer complete protection.”