News

Rape prices in Paris rose another 2% to a 5-month high

Rape Leaves
Regulation & Compliances
Market & Price Trends
Published Mar 27, 2024

Tridge summary

The European Commission's strategy to limit Russian agricultural imports has led to a surge in wheat and rapeseed prices, with May rape futures hitting a peak since October 2023. Despite a forecasted dip in the 2024 harvest within the EU and Great Britain, prices are buoyed by optimistic yield predictions and a record high in rapeseed processing. However, a notable decline in Canadian canola exports is impacting EU's import levels. Additionally, geopolitical tensions and attacks on Russian refineries have escalated Brent crude oil prices, indirectly supporting the rapeseed market. Yet, an anticipated increase in soybean and palm oil supply could potentially soften the oil and oilseed price surge in the future.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The intentions of the European Commission to limit the supply of Russian agricultural products to the EU market supported the prices not only of wheat, but also of rapeseed. May rape futures on the Paris MATIF rose 2% yesterday to the highest level since October 2023 at €457/t or $495.3/t (+3.1% for the week, +10% during March). August futures are still trading at the same level, which indicates that the market is ignoring forecasts of a decrease in harvest. Experts of the Coceral agency predict that, due to the reduction of sowing areas, rapeseed production in the EU and Great Britain in 2024 will decrease compared to the previous year by 1.1 to 20.2 million tons. At the same time, the MARS agency increased the forecast of the average yield of rapeseed in the EU in 2024 to 3.25 t/ha, which will exceed last year by 2% due to abundant rainfall and mild winter. In the current season, rapeseed prices reached a maximum of €513/t in July and then fell to €407/t in February. According ...
Source: Graintrade

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