Rapeseed prices are rising rapidly following crude oil and vegetable oil futures globally

Published 2024년 11월 8일

Tridge summary

The article explains the increase in the prices of rapeseed and canola due to a rise in crude oil prices and heightened demand for vegetable oils. Despite the election of Trump and increased crude oil reserves in the US, Brent crude oil prices rose by 3.7% to $75.5/barrel. February futures for rapeseed and November canola futures also saw increases, with the EU planning to import 8% more rapeseed, primarily from Ukraine, and Canada set to increase its canola exports by 30% to 8.7 million tonnes. The article also mentions the impact of these developments on the agri markets, the potential adjustment of crop forecasts by USDA experts, and the benefits of AgriSupp, an online platform providing market intelligence for grains and oilseeds.

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

Original content

Increased demand for vegetable oils and rising crude oil prices due to political uncertainty led to higher prices for rapeseed and canola. Despite the victory of Trump in the elections and the increase in crude oil reserves in the United States, January futures for Brent crude oil for the week rose by 3.7% to 75.5 $/barrel. February futures for rapeseed on the Paris MATIF for two sessions rose by 3.2% to a 3-year high of 532,75 €/t or 575 $/t (+1.9% for the week, +7% for the month) amid limited supply and rising prices for rapeseed oil. November canola futures on the Winnipeg stock exchange for two sessions rose by 4.5% to 645 CAD/t or 465 $/t (+4.6% for the month) following the rise in prices for vegetable oils, especially soybean oil in the United States. December futures for palm oil on the Bursa exchange in Malaysia for the week rose another 5.5% to 4952 ringgit/t or 1134 $/t on the data on the reduction of reserves. December futures for soybean oil on the Chicago stock ...

Source: UkrAgroConsult