Prompt rapeseed meal remains in short supply

Rapeseed exited the last trading day of the week with slight gains. The front month of February 2024 closed with a daily gain of 1.50 euros/t at 431 euros/t. However, this shows a decline of 10 euros per tonne over the entire last trading week. On Friday of the previous week, the front month was still trading at a price of 441 euros/t. Trading on Friday was driven by positive information from the vegetable oil sector. Palm and soybean oil rose accordingly, Brent and WTI also closed higher on Friday and gave the oil seed a tailwind with little other fundamental news. Canola at the ICE in Winnipeg, however, gave in. The renewed strength of the Can dollar is causing competitiveness to decline. At times a half-year low was even reached during trading in the January contract. The local rapeseed meal market continues to show stable price trends. Compared to the previous week, the national average prices rose by around 4 euros/t. Overall, demand for rapeseed meal has been declining recently, but there is still a shortage of particularly short-term goods, partly because weather activities in some regions have had a lasting impact on logistics.

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