US SOYABEAN markets have crashed in recent weeks, causing UK oilseed rape prices to topple by £10/t over the past fortnight, to July 28.

Ideal growing conditions in the US have boosted soya crop ratings to 69% good to excellent, and officials forecast a record production of 80m tonnes.

August soyabean futures in Chicago have therefore dropped by 20% since early July, to their lowest level since October last year.

UK rapeseed has fallen to about £132/t ex-farm for harvest movement, with a £10/t carry into November, according to independent trader Robert Kerr.

“Farmers will, wherever possible, put their rape into store and hold it, but with a big wheat crop coming in many will need the space.”

The UK is expected to harvest 1.6-1.75m tonnes of rape – similar to last season.

But crops look good across Europe, with the EU-25 forecast to produce 13-14m tonnes compared with just 11m tonnes last year, according to Josh Dadd of the Home-Grown Cereals Authority.

“The outlook for global oilseeds as a whole is pretty healthy,” he said.

But the critical pod-filling period for US soya is yet to arrive, and hot weather last year caused ratings and yields to plummet in late August and September.

“There is no room for any crop problems so we could still see an upside to prices if conditions become unfavourable.”