At the end of last week, rapeseed prices on world exchanges were declining amid an increase in the supply of Ukrainian oilseeds, GrainTrade reported.
Thus, November futures for oilseed rape on Euronext Paris fell by 4.7% to €0.46 per kg during the period under review. While last week these values were declining, this week’s prices will be influenced by forecasts of a smaller harvest in EU countries.
In addition, November futures on the Winnipeg exchange fell 2% to $0.61 per kg last week. “No precipitation is expected in the next 7-10 days in the provinces of Saskatchewan and Alberta, although canola crops are at the filling stage, which may reduce the crop potential and increase speculative pressure on prices,” the report said.
At the same time, experts note that at the end of the week purchase prices for rapeseed in Ukraine rose to 14,800-15,300 UAH/t (363-376 Eur per ton) with delivery to Danube ports amid expected rainfall in the coming days, which will delay fieldwork and reduce oilseed yields. Traders are also restraining purchases of the crop amid rising freight costs and lower world prices, industry experts say.
“Today’s U.S. soybean crop report could lead to a surge in soybean prices, which will correspondingly affect rapeseed quotes,” GrainTrade added.
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