Rapeseed prices increased between October 30 and November 6, more strongly on the Euronext futures market than on the French physical markets. After losing ground at the start of the week, the election of Donald Trump as 47e President of the United States gave a boost to rapeseed prices, via a sharp decline in the euro against the dollar: between +9.25 €/t and +14.25 €/t depending on the maturity date. The European seed, which climbed to €523/t on the February deadline on November 6, benefits from two other levers of progression: on the one hand, operators who do not lose sight of the fact that supply is low in Europe and, on the other, a very dynamic vegetable oil market overall, particularly with regard to palm oil.
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Soybean prices ultimately reacted little to the US election. For market players, it is now a question of knowing what China's behavior will be in terms of purchasing (the country has been very present in recent months, with American and Brazilian origins). This huge importer expects significant trade sanctions (increase in customs duties) from the newly elected US president. The key is to know when and to what extent they will intervene.
Palm oil remains the driving force behind the vegetable oil market dynamics, with declining supply, increasing demand and rather low stocks in producing countries.
French sunflower prices are back on the rise after a week of consolidation. However, the market remains fairly calm in France, with supply being rather limited. In addition, drying operations are very important this year (in certain regions, 100% of volumes must be dried), which delays its release to the market.
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Thierry Michel
Protein crops
Downtrend
Feed pea prices tended to lose some ground between October 30 and November 6, in the face of weak demand from animal feed manufacturers. Values are reappearing in the port, but the departure continues to pay more than the return. Thus, activity remains sluggish in the ports.
Oilcakes
Reduction of courses
Soybean meal prices lost some ground between October 30 and November 6 on the French physical market, following the crumbling of that displayed on the CBOT. Buying interest continues to show, but to a lesser degree compared to previous weeks. The text on the postponement until the end of 2025 of the RDUE regulation (deforestation) which will be put to the vote on November 13 and 14 should be followed carefully. The prices of sunflower and rapeseed meals have fallen slightly, or even stabilized. The demand from Breton animal feed manufacturers for these two products is much lower. The premium for non-GMO soybean meal evolved irregularly from one week to the next, upwards at close range and downward at long distances, reaching +179 €/t for the December deadline and + 170 €/t on January 3.
Milling products
Sound price stability
The prices of milling products in the Île-de-France region did not change between October 29 and November 5, with the exception of base flour. Its prices increased due to a resumption of purchases from Breton animal feed manufacturers. Concerning the other co-products, the logistical constraint induced by the four-day week has dissipated, while supply and demand are in balance. In Brittany, prices for fine bran are renewed between October 30 and November 6. The activity is calm.
Starch co-products
Return to sale of the Lacq factory
Quotations for corn and wheat grains on the French physical market changed little between October 30 and November 6, like oilcake. Note the return to sale of the Lacq factory. Exchanges are not legion.
Dairy products
Price without change
The prices of milk powder and whey powder intended for animal feed did not change in availability on the French physical market between October 31 and November 7, due to a lack of new business being processed.
Dehydrated products
In the state in which
Prices on the French physical market are nominally renewed for alfalfa and dehydrated beet pulp, between October 30 and November 6. The market is calm.
Straw and fodder
Calm market
The prices of straw (wheat and barley) and Crau hay (commercial and reference quotes) on the French physical market are renewed between October 30 and November 6. Activity is limited.
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