COTidienne | Oilseeds – Rapeseed prices record a nice increase on Euronext

THE prix of the main rapeseed contracts recorded a nice increase on Friday November 29, 2024 on Euronext. The progression applies to all deadlines, starting with the current one, the most worked, with +7.25 €/t for February therefore. That of May shows +8 €/t. These two terms have exceeded the threshold of €500/t while that of August, which recorded +€6.75/t, remains below the €470/t mark. Soybean prices quoted on the CBOT performed much less well with a very small increase of $0.75 cents/bushel in January and a very small decline in March (-1$ cents/bushel). Price levels remain below 1,000 cts$/bushel for the two closest deadlines while that of May goes above 1,008 cts$/bushel. The reduction applies to all maturities on this walk.

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The market for military on the CBOT in Chicago resumed trading on Friday for a shortened session, after the close on Thanksgiving Thursday, with low volumes traded. New export sales have been announced and for the week ending November 21, they reach a record for the current trading year. THE weather conditions favorable in Latin America continue to lead the market with rains still considered beneficial. We now expect production at very high levels, even record levels, for this area. The prices of cakes were up while those of oil fell on profit taking.

The courses of rapeseed on Euronext have progressed well thanks to cheap purchases after the declines of previous sessions but also to short position coverings and the support of vegetable oils.

The courses of canola listed in Winnipeg also gained ground, thanks to technical operations on this market but also due to fears created by possible increases in customs tariffs from the new United States government. The Canadian Prime Minister also met the new President of the United States this weekend.

The course ofpalm oil Malaysian oil returned above 5,000 ringgit per tonne for the February 2025 contract. Quite heavy rains recently fell in the production areas, raising fears of a future drop in production even though we have entered a period , certainly traditional, of a drop in supply. As a result, the prices of oils listed in China also tend to increase. L'Indonesia set its base reference price for the month of December at $1,071.67/t, according to the Ministry of Commerce and reported by Bloomberg, . It was set at $961.97/t in November. A Chinese consultant specializing in palm oil believes that if Malaysian and Indonesian prices do not fall sharply and quickly, those practiced in Chine will also have a hard time going back.

The courses of oil retreated on Friday, “weighed down by the postponement of the biannual meeting of theOpec+suggesting internal differences,” according to AFP. The euro-dollar parity stood at $1.058 on Friday against $1.055 the day before.

The new president of UNITED STATES threatened the bloc's member countries Brics to pass 100% customs duties against them if they persist in wanting to set up an alternative currency to the dollar to promote the settlement of trade between them.

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Fundamentals:

• Ukraine, oilseeds, harvest : the country has harvested 71.4 Mt of grains to date, including 19.4 Mt of oilseeds: 10 Mt of sunflower, 5.9 Mt of soya and 3.5 Mt of rapeseed (source: UkrAgroConsult);
• Brazil, soy, production : expected at 172.6 Mt (+ 11% from one year to the next) on an area up 1.5% (47.5 Mha); exports could reach 103.4 Mt (+5.3%) (source: AgroConsult/Atria Brokers);
• EU, sunflower, production : for 2025, estimated at 10.5 Mt, +25% compared to 2024 (source: Grain Strategy);
• EU, rapeseed, production : for 2025, estimated at 18.7 Mt, +12% compared to 2024 (source: Grain Strategy);
• EU, rapeseed, production : for 2025, estimated at 17.2 Mt, a very slight increase (source: European Commission).

Commerce international :

• United States, soybeans, export sales : for the week ending November 21, 2024, 2,508,500 t, above analysts' expectations (source: USDA);
• United States, soybeans, export sales : 991,700 t of soybeans announced on November 29 for an unknown destination and for delivery in 2024-2025 (source: USDA).

French physical markets from November 29, 2024 (July base for cereals)

Commercial quotes for dairy products from November 28, 2024

Evolution dollar / euro du 29 novembre 2024

Chicago Futures Market Closes November 29, 2024

Closing of the Euronext futures market on November 29, 2024

International market quotes from November 29, 2024