Oilseed prices continue to decline. On Tuesday October 15, 2024 on Euronext, a tonne of rapeseed closed the session at €491.25 (-€4 compared to the previous close) on the November deadline and at €497.00 (-5.25 €) on that of February 2025.
This Wednesday, October 16 at the opening of Euronext, a ton of rapeseed was listed at €493.75 (+€2.50) for the November deadline and at €499.00 (+€2) for the November deadline. from February 2025.
“The easing of fears of Israeli retaliation on Iranian oil facilities is a significant relief for oil. Between the decline in black gold and the decline in soya, vegetable oils and rapeseed are following the downward correction movement,” explains Argus Media in its daily note released on October 16, 2024.
In France, the latest estimates from the French Ministry of Agriculture anticipate declines in oilseed production. The rapeseed harvest is reduced to 3.85 million tonnes, compared to 3.95 million tonnes last month. The sunflower harvest fell by 100,000 tonnes over one month, to 1.78 million tonnes.
The only exception is that the price of sunflower seeds is skyrocketing on the French market, a symptom of goods that are not arriving. “The harvest delay in France is reaching historic proportions while the weather offers no respite for the moment,” underlines the Argus Media firm.
US soybean sales
The decline in oil prices and harvest pressure are pushing down soybean prices on the Chicago Stock Exchange. Funds were thus selling soybeans. The USDA (American Department of Agriculture) also announced yesterday the exceptional sale of 131,000 tonnes of American soybeans to China.
“While the dry weather continues on the Corn Belt and favors the harvest, the USDA’s Crop Progress publication from last night logically shows strong progress,” explains Argus Media. The soybean harvest is 67% complete compared to 47% last week and against expectations of 64%. The 6-year average of 39% harvested to date is well exceeded. The 5-year average of 51% harvested to date is well exceeded. »
In Brazil, Conab (National Supply Company) expects a record soybean harvest for the 2024-2025 campaign. In its latest report, it estimates Brazilian soybean production at 166 million tonnes, compared to 147 million tonnes in the previous campaign and 169 million tonnes expected by the USDA in its report last Friday.
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