UK oilseed rape prices found strength in the week to 27 September, gaining £3.10/t to £310.50/t ex-farm for spot delivery.
Prices were supported by firmer global values, driven by a strong export demand for US soya beans.
This was despite reports of limited UK trade following the arrival of a rapeseed cargo from Romania last week and on-farm attention focused on field work. In addition, a stronger sterling against the euro should have weighed on markets, but they appear to have held firm, said grain traders.
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After two weeks of consecutive declines, caused by the stronger pound and rapeseed imports earlier this month, UK delivered prices (November 2017, Erith) were back above last year’s level, said Helen Plant, AHDB senior analyst.
As of last Friday (22 September), November values had climbed to £324.50/t, compared with £319.00/t in November 2016.
The future direction of UK rapeseed prices would ultimately depend on global prices, influenced by the size of US soya bean crop, global supplies and South American soya bean planting progress, added Ms Plant.
Planting of the 2017-18 soya bean crop was now under way in Brazil, with the country predicted to plant a record-breaking 34.7m hectares, according to Reuters. However, concerns about dry weather delaying activity could support UK prices.