Oilseed rape prices for January have firmed by up to £7/t on the week, benefitting from a weaker pound and a US decision favouring biodiesel production.
January ex-farm OSR values on Wednesday (18 December) ranged from £318/t (north-east Scotland) to £333/t (Essex and Hertfordshire), with an average of almost £329/t.
Rapeseed has followed soya bean prices upwards on news that a tax credit for the US biodiesel industry is to be reinstated.
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Encouraging US-China rhetoric also continued to lend support to soybeans traded on the Chicago futures market, said analyst CRM.
Grain prices have see-sawed over the past week or so, following currency movements which saw the pound gain strongly on the election result only to fall back again early this week.
This saw midweek feed wheat values at an average of £138/t ex-farm for January and in a range from £139/t to £147/t around the regions.
The election result confirmed the UK’s window until 31 January for exporting to other EU member states.
The grain surplus is putting a ceiling on price but currency will determine how competitive our prices are – merchants advise to watch the market closely for any short-term price rises.
Meanwhile, new crop prices are gaining as rain continues falling in many key growing areas.