COTidienne | Oilseeds – The rise in prices of palm and other vegetable oils continues to support European rapeseed prices

COTidienne | Oilseeds – The rise in prices of palm and other vegetable oils continues to support European rapeseed prices
COTidienne | Oilseeds – The rise in prices of palm and other vegetable oils continues to support European rapeseed prices

The prices of rapeseed have gained ground on Euronext between November 8 and 11. The decline ofeuro compared to the dollar The United States provided some support for the prospects ofexports European. Indeed, the euro zone could, like the Chinebe affected by possible protectionist measures of Donald Trump after coming to power. The low European sunflower harvest is also driving rapeseed prices upwards. But it is above all the increase in the cost of vegetable oilsand palm in particular, which supported the prices.

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The Malaysian Inter-Professional Associationoil of palms has in fact published its monthly market report, which highlighted the drop in stocks in Malaysia. These fell by 6% from one month to the next, under the effect of the decline in productionthe progression of exports and the domestic consumption. Note, however, that exports are showing signs of decline in the first days of November. There FAO has also published its price indices for vegetable oilsup 7% month-on-month, mainly due to the increase in palm oil prices.

On the side of militaryprices fell for seeds,oil and the cakesunder pressure from the rise in dollar the United States in the face of competing currencies, and the decline in the price of oil in New York. THE investment fund are oriented towards sales. Note that the USDA has revised downward the yield United States in soybeans, and by concomitance the stocks end of campaign forecasts. Globally, soybean stocks were also revised down compared to the previous month.

On the walk French physics, the prices of sunflower continued to rise, in a context of low European production.

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Fundamentals:

  • Palm oil, Malaysia, stocks : 1.86 Mt in October 2024 (source: Malaysian Palm Oil Board);
  • Palm oil, Malaysia, domestic consumption : 208,418 t in October 2024 (source: Malaysian Palm Oil Board);
  • Soybean, United States, yield : 51.7 bushels per acre (bu/a) compared to 52.8 bu/acre the previous month (source: USDA);
  • Soybeans, United States, stocks : 12.8 Mt compared to 15 Mt the previous month (source: USDA);
  • Soybeans, world, stocks : 131.7 Mt compared to 134.7 Mt last month and 112.4 Mt in 2023-2024 (source: USDA).

Commerce international :

  • Palm oil, Malaysia, exports : 1.73 Mt in October 2024 (source: Malaysian Palm Oil Board);
  • Palm oil, Malaysia, exports : 419,094 t from November 1 to 10, 2024, i.e. -14.6% compared to the previous month (source: AmSpec);
  • Soybeans, United States, export sales : 107,000 t to China and 132,000 t to unknown destinations (source: USDA).

French physical markets from November 11, 2024 (July base for cereals)

Sunflower Specifications Due date euro/t Variation
rendering oleic Harvest 2024 Jan-Mar 650,00 N 0,00
Rendered Saint-Nazaire oleic Harvest 2024 Jan-Mar 650,00 N 0,00
Rapeseed Specifications Due date euro/t Variation
Rendering Harvest 2024 Jan-Mar 540,50 N 2,50
Fob Harvest 2024 Jan-Mar 541,50 N 2,50
Soybean meals Specifications Due date euro/t Variation
Departure Montoir 48% pellets Brazil nov. inc.
48% pellets Brazil dec. inc.
Then Specifications Due date euro/t Variation
Departure from forage Harvest 2024 Nov.-Dec. 290,00 N 0,50
Departure from /Oise forage Harvest 2024 Nov.-Dec. 292,00 N 0,50

Commercial quotes for dairy products from November 7, 2024

Milk powder Specifications Due date euro/t Variation
NBPL departure at 30 days 5% H BT bulk available. 2420,00 N
Whey powder Specifications Due date euro/t Variation
NBPL departure at 30 days, BILA pH 6 bulk available. 855,00 N

Evolution dollar / euro du 11 novembre 2024

Devise Closing value
1 dollar US 0,9389 euro
1 euro 1,0651 dollar

Chicago Futures Market Closes November 11, 2024

Raw materials Fence Chicago
Military 1011,75 cents/wood.
Soybean meals 295,10 $/t
Soybean oil 48,14 cts/livre

Closing of the Euronext futures market on November 11, 2024

Colza (Euronext)
Echéance Fence
Feb. 2025 539,00
May 2025 535,50
August 2025 500,25
Volume 22409
Rapeseed oil (Euronext)
Echéance Fence
Mars 2023 698,50
June 2023 698,50
Sept. 2023 698,50
Volume 0
Rapeseed meal (Euronext)
Echéance Fence
Mars 2023 196,25
June 2023 196,25
Sept. 2023 196,25
Volume 0

International market quotes from November 11, 2024

Energy Echéance Closing value
Oil (Nymex) Dec. 2024 68,04 $
Ocean freight indices from November 11 Variation
Baltic Dry Index (BDI) 1558 63,00
Baltic Panamax Index (BPI) 1182 6,00
Baltic Capesize Index (BCI) 2517 201,00
Baltic Supramax Index (BSI) 1064 -15,00
Baltic Handysize Index (BHSI) 701 -2,00
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