06.
07.22
10:09

Indonesia wants to boost palm oil exports - oilseeds in the red

The advancing harvest in Western Europe also weighed on rapeseed prices in Paris yesterday. Although the contracts initially started the day with friendly tendencies, the contracts gave way at the end with the significant losses in the soybean complex and the general mood on the financial and commodity exchanges. The November date lost EUR 3.25 per ton and closed at EUR 663.75, marginally higher than the front month of August. Producers are concerned about the drought in many stocks. The coming weeks will show what returns can actually be expected. The Canadian acreage is significantly higher than expected by the market, but still 4.7 percent behind last year. The soy complex fell across the board, although prices are slightly firmer premarket today. Market observers blame the global economic concerns and the negative conditions on the financial and other commodity markets for this. The fact that Indonesia wants to significantly increase its palm oil export quotas strengthened the sell-off yesterday.

Source
VR AgrarBeratung AG
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