By FWi Staff
UK rapeseed prices firmed further this week inching up a further 50p to £1/t.
Crushers still need to buy more, especially for after Christmas, although more import business has been done this week, said a spokesman from Banks Agriculture: “It is now thought that 100,000-150,000 tonnes of Australian rapeseed has been bought for delivery to the UK from February onwards.”
Canola production in Australia is now estimated at a record 1.61 million tonnes, despite recent frost damage in Western Australia. At nearly double last years output, there is the prospect that as much as 1 million tonnes could be available for export in early spring of next year predicts the Home-Grown Cereals Authority.
The delivered price for UK oil seed rape had risen to £163/t at the end of last week for November deliveries. This compares with £156/t at the beginning of October.