Old-crop oilseed rape prices have jumped over the past week, with tighter supplies boosting values by around £5/t to about £267/t ex-farm.

New-crop prices remain at about £240/t ex-farm for harvest, underpinned by continued dry weather in France and the UK, despite plummeting crude oil and American soya markets.

In Argentina, the soyabean harvest was 90% complete by 20 May, with average yields estimated at 3t/ha – in line for a record 54.8m tonne crop. Planting in North America is progressing rapidly in good conditions, with 53% drilled by 23 May, compared to 44% last year and a five-year average of 57%.

Corn (maize0 plantings were estimated at 93% by 23 May – two weeks ahead of normal, with spring wheat progress about average, said HGCA’s latest report. The winter wheat crop was in good condition, with 66% rated as good or excellent, compared with an average of 45%.

As a result, the International Grains Council has increased its world wheat estimate by 2m tonnes to 660m tonnes – the third largest crop on record – boosting stocks to 201m tonnes.

It pegged the maize crop at 822m tonnes – 13m tonnes up on last month’s estimate, but said record demand would reduce stocks to 142m tonnes.