Global: A 3.2 percent decline in rapeseed prices led to a collapse in palm oil futures by 3.5 percent

Published 2023년 3월 21일

Tridge summary

Global oil prices have been falling since March, leading to a decrease in vegetable oil prices which is putting pressure on soybean, rapeseed, and palm oil quotes. Rapeseed quotations in the Paris stock exchange have reached their lowest level since August 2021 due to reduced demand and increased supply in the European market. This is also impacting the Bursa Malaysia Derivatives exchange. However, May futures for soybean oil on the Chicago exchange are expected to rise due to predictions of a further decrease in the soybean crop in Argentina.

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

Original content

The 15% fall in world oil prices since the beginning of March and the decline in demand for vegetable oils, which led to a sharp drop in their prices, continue, which increases pressure on the quotes of soybeans, rapeseed and palm oil. Rapeseed quotations on the stock exchange in Paris yesterday fell by 3.2% to the lowest level since August 2021 - 453.75 € / t or 486 $ / t (-22.8% m/m, -60% y/y) against the backdrop of reduced demand and increased supply in the European market from Canada and Australia, as well as forecasts of a good harvest of rapeseed in the EU in the new season. May futures for canola in Winnipeg also fell 1.8% yesterday to 738.5 CAD/t or $540/t (-13% mom, -24.5% yoy). The fall in prices for Black Sea sunflower oil during the month by 15% and the decline in prices for rapeseed oil in the EU below the level of palm oil prices increase pressure on quotes on the Bursa Malaysia Derivatives exchange. There, May palm oil futures have been depreciating over the past ...

Source: Oilworld