Oilseed rape prices have dropped sharply over the past week, as harvest progress brings greater supplies to the market.
As Farmers Weekly went to press, average ex-farm values were pegged at £369/t – £10/t down on the week. Wheat prices were under similar pressure, although the market lacked clear direction ahead of widespread combining in the UK, said Simon Ingle at Openfield.
“It’s very quiet, considering the time of year. However, farmers are quite active selling oilseed rape, which is why we’ve seen prices ease back.” Early indications of rapeseed yields were good, and at current values the crop could realise good cash volumes, he added. “That is attracting good selling interest.”
Wheat and barley markets remained fairly quiet, split between negative pressure from Russian export sales and bullish sentiment for the American corn crop. “Russian wheat is taking 90% of the export market share, which reason would dictate should lower our prices,” said Mr Ingle.
But hot weather was threatening the US corn crop, and strong fund activity could push values back up again. “Until we get into the wheat harvest it will remain in limbo.” Farmers with wheat to deliver immediately could obtain premiums of about £13 over the as-available price.
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