Oilseed rape prices plummet

Oilseed rape values continue to plummet, dragging pea and bean markets down with them.

As Farmers Weekly went to press (Wednesday 22 July), new crop rapeseed was worth about £220/t ex-farm for August – a drop of almost £10/t on the week and the lowest average spot price since September 2009. With a record US soya bean harvest forecast and potential record rapeseed crops in Europe, the benign weather continued to drag prices down. Sterling also remained extremely strong, reducing UK export competitiveness.

Despite the UK pulse harvest not having started yet, micronising pea values fell by £5/t to £290/t ex-farm for August. Feed peas lost £5/t to £183/t, while feed beans dropped by the same amount to £190/t.

“It’s all just waiting to happen, so the market is very quiet,” said Alan Wymer of Saxon Agriculture. “The UK bean harvest is a good month away, but prices are dropping on the back of other commodities.”

With the Ramadan festival in its last few days, demand for pulse exports to the Middle East remained quiet, he added. “Buyers are just sitting on their hands at the moment, but when Ramadan ends they should return to the market as demand picks up.”