The upward trend in price was also reflected in international grain prices.

The USDA released its quarterly stocks report on Tuesday, which showed US wheat stocks as at 1 June were the highest since 2011.

Maize stocks were at the highest level since at least the start of this century but were still below trade estimates.

The latest ADAS arable crop report revealed that the recent dry weather has caused soil moisture deficits in some areas and domestic winter wheat and barley development is behind that seen in recent years. Nevertheless, the overall UK prospects for harvest 2015 are looking good and the crunch point for wheat yields will be the weather in July and August.

Chicago soybean futures (Nov-15) closed at $381.09/t on Tuesday, compared with $352.98/t a week before and the highest since December.

Soymeal prices (Brazilian, ex-store Liverpool, June delivery) were unchanged from the previous week at £292/t last Friday.

Rapemeal (34 per cent , ex-mill, Erith, August delivery) was £173/t, up £5 on the week. US soybean stocks, as at 1 June 2015, were the highest for this point in the year since 2012.

USDA estimates the 2015 US soybean area to be up 1.7 per cent from last year’s record, but there is a risk that actual area planted may be lower since the survey at the start of June wet weather has delayed plantings, and so it may not be possible to plant all of the intended area.

The IGC expects world rapeseed/canola output to fall by 6 per cent year-on-year as a result of reduced sowings and weather impacts in Australia, Canada and the EU.