Oilseed rape harvest © Tim Scrivener© Tim Scrivener

UK oilseed rape prices fell in the week to 13 December, losing £7.60/t on the week to £300.50/t ex-farm for spot delivery. This was largely due to firmer sterling against the euro as result of progress in Brexit negotiations. At £300.50/t prices were £42.90/t lower than the same week last year.

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This year’s larger domestic crop compared with 2016 was likely to be the driving force behind this year’s lower prices, said a report by AHDB Cereals & Oilseeds. However, despite the decline, UK rapeseed prices were higher than in 2015-16, 2014-15 and 2013-14.

In global markets, Malaysian palm oil stocks hit 2.56m tonnes in November 2017 – the highest level since December 2015, according to the latest figures.

Driven by an increase in production following the El Niño extreme weather, November marked the fifth consecutive month in which stock levels increased, said Aidan Wright, analyst at AHDB Cereals & Oilseeds.

In combination with lower exports, increased production had set Kuala Lumpur palm oil futures on a downward spiral. This was likely to impact on UK prices, leading to further downward pressure on rapeseed oil values, said Mr Wright.