Despite more and more reports about good harvest results for rapeseed in Germany and France, the direction of the futures contracts on the Euronext/Matif does not change at the weekend. The most traded November date increased by EUR 10/t to EUR 689.75. Rapeseed is currently being supported by rising soybean prices and the price jumps in vegetable oils. Soybean oil also rose on Friday and higher palm oil prices were reported from Malaysia. Rapeseed prices are also increasing on the local cash markets. Especially along the Rhine, transport is restricted due to low water and lower transport capacities on rail and road. Temperatures of over 30 degrees in the Canadian growing regions are also driving prices for oilseed rape and canola. Soybeans also gained. With a weekly gain of 11 percent, the CBoT shows its highest weekly result in 20 years. The weather forecast continues to be decisive for the price development. No rain is in sight for the next few days either. An unknown buyer ordered 132,000 tons of soybeans in the US on Friday. This USDA report provided additional price support.
Source
VR AgrarBeratung AG
