Rapeseed benefits from positive soybean market trend

At the end of last week, EU rapeseed futures benefited from the positive trend on the US soybean market. The leading August 2024 contract in particular recorded an increase to EUR 469.75/t on Euronext.

The local cash markets remained largely quiet. In Winnipeg, Canadian canola futures also showed a positive trend due to firmer soybean prices and closed in the green for the third day in a row. The front month July 2024 closed at 647.00 Can-$/t (+10.10) at the ICE close. The rising prices caused optimism among traders, who were eagerly awaiting the next StatsCan report. Analysts expect further impulses for the market and hope for a positive development in the coming days. Investors are keeping a close eye on how soybean prices develop and what impact this will have on rapeseed futures.

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