Oilseed rape values have soared by £15/t over the past week, with adverse weather conditions across Europe causing concern over yields.

Hot, dry weather in Russia, France and Germany, coupled with heavy rain in Ukraine, Romania and Bulgaria, is threatening rapeseed – and cereal – yields.

So far, yields in France were pegged at 3.1t/ha, well below last year’s 3.8t/ha, said HGCA’s latest report. Polish yields had dropped to 2.3-2.5t/ha, with total production likely to be 7-8% down on last year at 2.2-2.3m tonnes. Significantly, Canada’s rapeseed crop was also likely to be sharply lower this year, following torrential drilling conditions, making European yields even more critical.

The US Department of Agriculture recently cut its estimate of foreign oilseed production by 1.2m tonnes. However, increased soya bean production in America meant it increased its total global production forecast by 500,000t, to a record 440.7m tonnes. Soya bean and rapeseed markets barely reacted to the report, with crude oil adding support to values, having risen to about $76 per barrel on better economic news in America.

As Farmers Weekly went to press, spot oilseed rape was worth about £270/t ex-farm, depending on location, with November rapeseed fetching around £280/t.