Oilseed rape and pulse markets have continued to improve over the past week, with average rapeseed values reaching £249/t ex-farm – their highest level since late June.
With feed wheat markets jumping by almost £4/t on the week, the pulse trade followed suit, with feed peas and beans gaining £10/t, to £177/t and £183/t ex-farm, respectively.
Cold US weather, alongside a record soya bean crush in October, had sent markets higher, said a report by HGCA. “Demand remains firmer than anticipated, despite rising soya bean and soyameal prices. US soya bean exports have been strong, but with production 18% higher than last year, a slight increase in crushings is perhaps not such a surprise.”
US soyameal futures were now trading $46/t (£29) above soya beans, compared to a $15/t (£10) discount this time last year, it added. “Strong US soyameal prices have supported the whole oilseed complex, including European rapeseed prices. If meal prices continue to support the strong crushing pace this is likely to have implications for rapeseed prices.”
Although freezing weather was unlikely to damage the US soya crop, with 90% of it now in the barn, it could increase soyameal demand for feed.