Rapeseed prices down this morning on Euronext

Rapeseed prices down this morning on Euronext
Rapeseed prices down this morning on Euronext

On Friday October 4, 2024 on Euronext, rapeseed prices were supported “by the renewed oil tensions”. They progressed “in sympathy with the clear increases observed last week for palm oil in Kuala Lumpur and canola in Winnipeg. The latest reports of yields in Canada seem to disappoint compared to expectations,” observes Argus Media in its daily letter published this Monday, October 7, 2024.

A tonne of rapeseed thus closed last week at €486.75 (+ €5.75 compared to the previous closing) on ​​the November deadline and at €493.00 (+ €3.00) on that of February 2025. This Monday, October 7, shortly before 11 a.m., it was displayed at €483.50 (-€3.25) on the November maturity and at €490.25 (-€2.75) on that of February 2025.

Investment funds for sale in Chicago

On the Chicago Stock Exchange, funds were selling soybeans on Friday, October 4. “The traditional weekend profit-taking observed on Friday in Chicago was amplified by the strengthening of the US dollar,” comments Argus Media. Indeed, the much better US employment figures released on Friday highlighted the resilience of the US economy and eased the need for a sharp interest rate cut from the Fed. »

In addition, soybeans are under pressure from the harvest in the United States, “particularly in this year of record production,” indicates the firm. He added that “the much-anticipated return of rains to Brazil within 10 days is also relaxing the market”. Sitagri also informs that “a private export sale of 116,000 tonnes of soybeans was reported to China by the USDA this morning”.

Renewed tension on the oil market

On the oil market, “the extent of the conflict in the Middle East seems irreversible according to some experts given the directly bellicose attitude of Iran and its risk in its progress towards mastery of a nuclear weapon” , says Sitagri.

Sitagri thus believes that “oil prices will therefore continue to factor in this risk, including with the activism in the Red Sea of ​​the Yemeni rebels whose missile fire was once again neutralized by American forces this weekend. In addition, the economic indicators which have reassured the markets about the economic situation reposition the idea of ​​the market on the demand outlook. »

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