THE price of rapeseed have progressed slightly on Euronext and the physical market French between May 30 and 31, due to a downward revision of European production. They follow the rise in prices of canola in Winnipeg and palm oil in Kuala Lumpur. Soybean prices in Chicago fell at the same time, in the wake of oil.
The values of canola Canadian stores in Winnipeg have gained ground, thanks to cheap purchases. The increase was limited by the good progress of seedings in the Prairies, thanks to favorable growing conditions.
L’Palm oil in Kuala Lumpur increased prices, following the announcement of Malaysian export figures up 20% between April and May.
The contract soy on the CBOT has crumbled, like American soybean oil. The good progress of soybean plantings in the United States is weighing on prices.
The courses of sunflower on the French physical market did not change between May 30 and 31.
On the macroeconomic side, theeuro strengthened in the face of dollarmaking European goods, and in this case French goods, less competitive on the world market.
The courses of oil crumbled between the sessions of May 30 and 31, the operators were waiting for a meeting of theOPEC and its allied countries (OPEC+) this Sunday which was to extend the crude production cuts to the third quarter of 2024 or even until the end of the year. Ultimately, the group of 22 members will “extend the total level of production of crude oil (…) from January 1, 2025 to December 31, 2025,” the alliance said in a press release. Eight of these countries will continue their additional reductions voluntarily, some of them until September 2024 “before being gradually phased out” and others until December 2025.
According to the European Feed Manufacturers Federation (Fefac), the industrial production ofcompound feed in the EU of 27 is expected to decrease by 0.3% in 2024, which would mark the fourth consecutive year of decline in tonnages.
Moreover, Bunge Global SA and Zen-Noh Group have agreed, through a joint venture, to purchase 50% of a grain terminal at the port of Santos (Brazil), with a capacity of 135,000 t of grain, to the Brazilian railway operator Rumo for 600 million reais ($115.3 million), Reuters reported, citing a securities filing.
Fundamentals:
- European Union, rapeseed, production : 19.1 t estimated in 2024, compared to 19.4 Mt the previous month (Source: European Commission).
International trade :
- United States, soybeans, weekly export sales : 336,300 t for the week ending May 23, in line with operators’ expectations (Source: USDA).
French physical markets from May 31, 2024 (July base for cereals)
| Sunflower | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| Bordeaux rendering | oleic Harvest 2023 | Jul-Aug | 440.00-445.00 | NOT | 0.00 |
| Rendered Saint-Nazaire | oleic Harvest 2023 | Jul-Aug | 440.00 | NOT | 0.00 |
| Rapeseed | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| Rendering Rouen | Harvest 2024 | Jul-Sep | 478.50 | NOT | 2.00 |
| Fob Moselle | Harvest 2024 | Jul-Sep | 487.50 | NOT | 2.00 |
| Soybean meals | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| Departure Montoir | 48% pellets Brazil | may | 452.00 | V | -8.00 |
| 48% pellets Brazil | June | 449.00 | V | -10.00 |
| Peas | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| Departure from Marne | forage Harvest 2024 | Aug-Sept. | 275.50-285.50 | NOT | 0.00 |
| Departure from Somme/Oise | forage Harvest 2024 | Aug-Sept. | 275.50-285.50 | NOT | 0.00 |
Commercial quotations for dairy products from May 30, 2024
| Milk powder | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| NBPL departure at 30 days 5% H BT bulk | available. | 2320.00 | NOT |
| Whey powder | Specifications | Due date | euro/t | Variation | |
|---|---|---|---|---|---|
| NBPL departure at 30 days, BILA pH 6 bulk | available. | 655.00 | NOT |
Dollar/euro evolution as of May 31, 2024
| Currency | Closing value |
|---|---|
| 1 US dollar | 0.9215 euros |
| 1 euro | $1.0852 |
Chicago Futures Market Close May 31, 2024
| Raw materials | Fence | Chicago |
|---|---|---|
| Soy | 1205.00 | cents/wood. |
| Soybean meals | 364.70 | $/t |
| Soya oil | 45.52 | cts/book |
Closing of the Euronext futures market on May 31, 2024
| Rapeseed (Euronext) | |
|---|---|
| Due date | Fence |
| August 2024 | 487.50 |
| Nov. 2024 | 495.50 |
| Feb. 2025 | 499.00 |
| Volume | 12771 |
| Rapeseed oil (Euronext) | |
|---|---|
| Due date | Fence |
| March 2023 | 698.50 |
| June 2023 | 698.50 |
| Sep 2023 | 698.50 |
| Volume | 0 |
| Rapeseed meal (Euronext) | |
|---|---|
| Due date | Fence |
| March 2023 | 196.25 |
| June 2023 | 196.25 |
| Sep 2023 | 196.25 |
| Volume | 0 |
International market quotes from May 31, 2024
| Energy | Due date | Closing value |
|---|---|---|
| Oil (Nymex) | Jul 2024 | $76.99 |
| Ocean freight indices | from May 31 | Variation |
|---|---|---|
| Baltic Dry Index (BDI) | 1815 | 14.00 |
| Baltic Panamax Index (BPI) | 1693 | -25.00 |
| Baltic Capesize Index (BCI) | 2820 | 70.00 |
| Baltic Supramax Index (BSI) | 1278 | -8.00 |
| Baltic Handysize Index (BHSI) | 720 | 2.00 |
