Rapeseed prices closed in the red on Tuesday June 25, 2024 on Euronext. When the markets opened, they started to rise again this Wednesday, June 26.
“Rapeseed fell yesterday in the wake of an overall fall in the prices of the oilseed complex observed as much for canola in Winnipeg, palm oil in Kuala Lumpur and especially for the soya complex in Chicago,” indicates Argus Media in his daily note released this June 26, 2024.
On Tuesday June 25, 2024, on Euronext a tonne of rapeseed closed at 460.25 euros (-1.75 euros compared to the previous closing) on the August deadline and ended at 468.75 euros (-2 .25 euros) on that of November. This Wednesday, June 26, around 11 a.m., it was displayed at 461.50 euros (+ 1.25 euros) for the August deadline and at 470.00 euros (+ 1.25 euros) for November.
Soybean prices collapse on the Chicago Stock Exchange
“Soybean prices collapsed on Tuesday. Operators disregarded the drop in the assessment of the state of crops and stuck to the precipitation forecasts for the Corn Belt region for next week,” explains the Sitagri firm. Indeed, Crop Progress data indicated that U.S. soybean crop ratings were down 3%, to 67% “good to excellent.”
Quarterly grain stock data as of June 1, due Friday, are expected to show 962 mbu (million bushels) of soybeans at the end of the third quarter. “This would represent an increase of 166 mbu compared to 796 mbu last year,” says Sitagri.
Furthermore, Tuesday June 25 was a “day of strong sales for soy funds in Chicago,” notes Argus Media. “Funds also seem to anticipate increases in acreage to come this Friday in the USDA report [du ministère américain de l’Agriculture] on soybean plantings in the United States.
