The demand for rapeseed now focuses primarily on the new crop. The trading activities for aging commodities, however, remain manageable.
The drought in Europe takes its toll. The EU crop forecasting authority MARS has already reduced its yield estimate for Germany. As a result, lenders are demanding higher prices and farmers are holding back on pre-contracts. After all, it is still not known today how high the yield losses will be on the company's own operations and whether it will be possible to comply with the delivery obligation later on. In addition, you do not want to miss possible price increases.
The oil mills concentrate on the offer ex harvest. At the same time, they do not yet know whether the biodiesel industry will demand more rapeseed oil. Should biodiesel imports from Argentina and Indonesia be limited again, rapeseed oil should also benefit from this.
Rapeseed producer prices have risen by € 4 / tonne over the past week and prices have even gone up by € 8 / tonne.
Rapeseed meal prices have stabilized against the backdrop of rising soybean meal prices.The sales are low; Support comes from the international market. Even if traders expect prices to rise further in the medium term, the compound feed businesses show little interest in buying - apparently they are well supplied for the time being.
Rapeseed oil prices fob Hamburg have now risen for the third consecutive week. Supply is tight and demand is rising as biodiesel consumption has risen due to fixed oil prices.
Text: HANSA Derivatives Trading GmbH
