Crude oil is dragging rapeseed upwards

The movement in crude oil is also driving rapeseed north. The front month of May on the Paris Euronext/Matif closed yesterday 7.75 euros higher at a closing price of 445.75 euros/t. Today there are again significant increases at midday. Due to the geopolitical situation in the Middle East, the price development for Brent and WTI in particular drove oilseeds up overall. Brent, for example, made a significant jump from $2.32 to $89.25/barrel. This also provided a tailwind for palm oil and soybean oil. Canola also increased in Canada. Here, increased estimates for further export demand also supported price developments.

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