International futures market, January 24 as the principle of hope predominates in prices

Published 2024년 1월 10일

Tridge summary

The rapeseed price has come under pressure at the start of the new trading year due to influences from crude oil and soybeans, particularly from Saudi Arabia's announcement to reduce export prices for crude oil. The market is currently slow with continuous supply, and the new USDA report expected on January 12th may reveal an almost 8 million tonne lower forecast for Brazilian soybean production. Wheat prices remain under pressure due to lack of demand, while corn prices fell further in the first two weeks of January, with a higher harvest expected for the coming season, particularly from Ukraine.

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Original content

With the start of the new trading year 2024, the rapeseed price has come under pressure again. The influences are primarily from the development of crude oil and soybeans. On Monday, January 8th, Saudi Arabia announced that it wanted to reduce export prices for crude oil, which also had a negative impact on the price of rapeseed. The Middle East in particular is currently playing a crucial role. Most shipping companies are currently trying to avoid risk areas. This also makes palm oil more expensive on the European market, which should also have a positive effect on rapeseed oil prices. Some market participants are also looking to South America. Soybean production this season could be lower than expected. Source: ks-agrar.de We assume that the USDA will forecast a harvest that will be almost 8 million tonnes lower in its next estimate. This would mean that the Brazilian harvest would only be 153.5 million tonnes. However, this is already partly priced into the market. It is ...

Source: Bauernzeitung