By FWi staff
NEW-CROP oilseed rape is now worth more than twice the value of wheat or barley after surging to its highest price so far this season.
Ex-farm rape at harvest is trading at more than £160/ tonne, having gained more than £10 in the past week alone.
Despite the possibility of large area-aid penalties, oilseed rape looks likely to remain the most lucrative combinable crop, say analysts at the Home-Grown Cereals Authority.
Traders say that a global shortage of vegetable oil and delays in planting US soyabeans mean further price rises cannot be ruled out.
The weaker Pound, which has fallen substantially during the past fortnight, has also helped boost prices. The Pound has lost more than 14 pfennigs against the Deutschmark and is currently trading at DM2.898.
Old-crop rape supplies remain extremely tight and are trading in excess of £190/ tonne.