Oilseeds prices rally to near £450/t
© Tim Scrivener Oilseeds markets have rallied over the past month, both globally and in the domestic markets, underpinned by a stronger soybean complex and favourable currency movements.
UK oilseed rape has lifted by more than £40/t since the start of the year, with delivered prices quoted at £447/t on 10 February.
Both Chicago and Paris rapeseed futures have gathered momentum, with Paris Matif futures peaking on 9 February at €491.5/t (£428/t) for the May 2026 contract.
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A weaker pound, at £1 to €1.15 on 11 February, has added further support to domestic prices, with UK oilseeds becoming more competitive on global markets.
The US Department of Agriculture (USDA) released its latest World Agricultural Supply and Demand Estimates report on 10 February, which had a fairly neutral to bearish impact on the market.
The USDA forecast increased global soybean production in 2025-26, with production higher in Brazil but unchanged in the US.
It suggested that global soybean trade was likely to shift, with more US shipments to China and fewer to other markets.
Traders at United Oilseeds suggest that further soyabean purchases by China are having a positive price impact for oilseeds.
China has also reportedly been buying large volumes of canola from Canada, which merchants at Frontier say is lending support to European rapeseed prices, as Europe remains reliant on imports.
Farmer selling has generally been slow, although the recent uptick in prices is starting to encourage more sales.
Reliance on imports
The UK is heavily reliant on imports to fulfil domestic demand for oilseeds, and HMRC figures show the UK imported more than 460,000t of rapeseed during the first five months of the 2025-26 crop year from July to November.
The UK also imported more than 1m tonnes of soyabean meal and 300,000t of soyabeans during the same period.
The Port of Liverpool recently received its largest-ever shipment through major arable commodities trader ADM.
ADM took delivery of more than 67,000t of product from the US, including maize, high-protein soya, soya hull pellets and corn gluten.
Jonathan Lane, UK managing director at ADM Agriculture, said: “This shipment represents an important milestone for ADM and underscores the strength of our global supply chains.”
He added that the port was integral to ADM’s operations and central to its commitment as a supplier of feedstuffs to the UK animal feed industry.