Oilseed rape prices have jumped by £10/t over the past week, tracking rising wheat and barley markets.
Spot values reached about £282/t ex-farm as Farmers Weekly went to press, their highest level since September 2008. November prices were pegged at around £290/t, depending on location.
With harvest progressing slowly in the UK, early yield indications range from below to above average. But early flooding and a later heatwave across Europe has led analyst Oilworld to cut its forecast EU production from 20.7m tonnes to 19.9m tonnes, well below last year’s 21.6m tonnes.
This, coupled with early flooding in Canada and a slightly stronger crude oil market, as well as soaring cereal prices and fund speculation in futures markets, had combined to drive values higher, said traders. However, export demand to Germany remained strong, and slow harvest progress meant merchants were competing to fill boats at these higher prices.
Pea and bean prices have mirrored the rise in oilseed rape markets. Feed bean values have jumped by £19/t over the past week, to about £149/t ex-farm for spot movement and about £152/t for harvest. Feed peas are worth about £148/t ex-farm for harvest, with micronising peas commanding around a £10/t premium.