Oilseed rape loses £2.30/t in quiet new year trade

Oilseed rape values dipped further in the week to 3 January, falling £2.30/t compared with the week to 20 December. 

This put the average spot price at £297.20/t ex-farm, which was £50.60/t below the same week last year. As it was only a few days into the new year, the market remained flat, compounded by fluctuating currency, said traders.

See also: Latest prices and trends

In global markets, the end of the year saw Brent crude oil prices hit a two-and-a-half year high at $66.87/barrel (£49.32/barrel) on 29 December, according to a report by Peter Collier, analyst at AHDB.

Recent attacks on a Libyan crude oil pipeline, combined with voluntary Opec-led supply cuts and the unexpected North Sea Forties pipeline shutdown have all contributed to the rising cost of crude oil.

In turn, the uplift in crude values have supported soya oil prices at a time when easing weather concerns have been weighing on markets. Since May, nearby futures for Brent crude have seen a lift each month – constituting a rise of $21/barrel (£15/barrel) over the period.

For the UK, should the increase in the value of Brent crude continue, oilseed prices could be expected to rise in the new year, said the AHDB.