Tighter oilseeds markets keep rape price rising

Oilseed rape prices continue to rise, buoyed by lower production prospects for the European crop and by lower US soyabean harvest forecasts.

The European biodiesel market is heavily dependent on this supply, and the weak pound is also contributing to the firmer market.

Tighter supplies in Brazil, alongside Chinese stockbuilding of soya oil and higher crude oil prices, have also helped to keep vegetable oil markets firm.

See also: Practical tips for growers sticking with oilseed rape

Regional ex-farm prices on Friday (9 August) ranged from £314/t spot in North East Scotland to £327/t spot in Norfolk and Suffolk, with most regions at £323/t to £325/t.

As the market has firmed over the past few weeks, so the monthly carry has also widened and is now worth £2/t to £4/t for August to September for most regions but is up to £7/t in some areas.

Carrying seed until October movement puts another £2/t-£4/t on the price.