Except for sunflower seeds oilseed prices softened. On Euronext, the 500 euro mark for rapeseed is not held. Sales from the new crop slow down the rally. However, the signals from related markets remain positive.
After the rapid rise in rapeseed prices on Wednesday, profit-taking and extensive agricultural sales caused slight price losses on Thursday on Euronext. The most heavily traded November futures saw its highest volume trading day to date, with 21,600 contracts (over 1 million tons of rapeseed), closing 0.035 EUR/kg lower at 0.50 EUR/kg.
On the CBoT, the signs were also predominantly red on Thursday after the previous day’s significant gains. The most heavily traded November futures slipped 5 ct to 1,404.75 ct/bu (0.46 EUR/kg). Rising soybean oil prices supported the market. In soybean meal, on the other hand, profit-taking weighed on the market. For the USA, meteorologists continue to forecast rather dry weather. However, temperatures are expected to remain within a normal range for the time of year.
In Malaysia, palm oil quotations continued to rise on Friday. The top-selling October futures were trading at their highest level since early March on Friday morning European time. This was due to concerns about a decline in sunflower oil exports from Ukraine and good Malaysian palm oil exports in July.
On the ICE in Winnipeg, canola prices rose for the ninth day in a row, reaching their highest level in five months. The Canadian market is being supported by the rainfall deficit of the past few weeks and the unfavorable weather outlook, with low rainfall expected.
USDA’s Buenos Aires attaché estimates Argentina’s soybean crop at 21.25 million tons, below USDA’s July estimate of 25 million tons.
The International Grains Council (IGC) on Thursday lowered its world soybean crop forecast by 2 million t to 400 million t from the July report. Global ending stocks for the 2023/24 marketing year are now estimated at 63 million t, up 11 million t from the 2022/23 marketing year and down 2 million t from the June forecast.
Sunflower prices rose EUR 0.04/kg to EUR 0.38/kg on CMB Marketplace in Europe. Farmers from Ukraine are holding back commodity as crop expectations are 20% lower than in 2022.
Prices for rapeseed also softened on the spot markets on Thursday. New crop rapeseed paid EUR 0.50/kg, freight paid Hamm, EUR 0.05/kg lower than Wednesday. In eastern Germany, prices of franko Ölmühle ranged between 0.47 and 0.50 EUR/t.