Rapeseed prices on the rise; Report 

In Germany, UFOP reports that “the tight rapeseed supply situation in the UK sent local spot market prices soaring. At the same time, lower availability markedly curbed shipments abroad.”

The small 2016 rapeseed harvest in the UK, which was down 30 per cent from the previous year, has had noticeable effect. The tight supply situation produced a sharp rise in spot prices. Since the beginning of November, wholesale prices rose by EUR 32 per tonne to, most recently, EUR 428 per tonne for delivery free of all charges. In other words, the premium over the futures quotes increased by EUR 15 per tonne.

Relying strongly on shipments from abroad to expand the small domestic supply especially this year, the UK is now a net importer of rapeseed with little to offer on the global market. Whereas UK exports exceeded imports by 112,000 tonnes in 2015/16, in 2016/17 the country has had net imports of 6,600 tonnes to date. This situation is also reflected in exports to Germany. In October 2016, these rapeseed exports collapsed by just less than 85 per cent compared to the previous year. It seems also unlikely that any rapeseed will come from the UK in the coming months.