May 2013 trading again saw the £200/t mark reached.

The HGCA reported UK delivered rapeseed prices were down last week, with typical values at £387/t for November delivery, down £17/t for the week.

The reason suggested is that rain in the US corn belt is more beneficial to soyabeans – the driver for rapeseed prices – than maize.

UK delivered grain prices were also lower last week. November feed wheat in East Anglia was £189/t at Thursday’s market close, down £6/t on the week.

Frontier trading director John Duffy said the market had been speculating, in part, on another Russian export ban. 

“Stats from this part of the world have to be taken with caution, but the Russian Ag Ministry this week said the wheat harvest was 22 per cent complete – only 7 per cent this time last year – and that yields were 28 per cent down,” said Mr Duffy.

With the UK’s own harvest about to get underway, he said there were real fears in the market about quality and yield.

“The market will be watching harvest data closely. The  global wheat and corn market will continue to feed off weather and politics, but last week reminded us we cannot forget about the persisting macro-economic uncertainty.”