Europe: Rapeseed is once again trying to get back to €430/t

Published Dec 22, 2023

Tridge summary

Rapeseed prices on Euronext showed some upward movement due to the rebound in the soybean complex in Chicago, but were limited by favorable precipitation in Brazil and Argentina. Crude prices also rose after being pressured by Angola's withdrawal from OPEC, with security risks in the Red Sea contributing to the market's bullish trend. In Europe, winter rapeseed plantings in Germany decreased by 4.7% compared to last year, with Euronext rapeseed futures for February and May 2024 both showing slight increases around 1:00 p.m.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Rapeseed retained a little upward inertia this Friday at mid-session on Euronext, helped by the rebound in the soybean complex in Chicago. The movement, however, remains limited by the favorable precipitation which is currently affecting Brazil, as well as Argentina. The Buenos Aires Mercantile Exchange also raised its “good to excellent” Argentine soybean ratings by seven points in its latest weekly Crop Progress (37%). Crude prices also returned to an upward trend after being put under pressure during the previous day's session by Angola's withdrawal from OPEC. Security risks in the Red Sea indeed remain an important bullish element on the black gold market. Concerning the European market, winter rapeseed plantings in Germany were ...

Source: TerreNet