Old-crop rape values edge up

By FWi staff

THE recent downturn in oilseed rape values has faltered slightly, with old-crop values inching up slightly towards the end of the week.

Ex-farm rapeseed settled today (Tuesday) at £113/t. Continued slow farm selling and a slight rebound in rapeoil prices were the main reasons behind the firmer values, noted the Home-Grown Cereals Authority (HGCA).

But while spot values were firmer, harvest prices weakened further to £112/t ex-farm.

UK crushers are believed to be generally well covered into the new-crop period, limiting demand, while world prices for oilseeds have dropped substantially, said Cargills Ian Wallis.

European rapeseed and sunflower prices were also down over the week as the Chicago soyabean and soyaoil futures plummeted to all-time lows on Friday.

Favourable planting conditions, slow export activity, and weak overseas edible oil markets made for further downward pressure.

However, prices were stopped from slipping any further by the stronger US Dollar, said a spokesman from the HGCA.

Rumours that EU rapeseed may have been purchased by China may also have helped prevent any more price falls, he added.