Global: Rising oil prices support quotes for rapeseed and soybeans

Published 2023년 7월 14일

Tridge summary

Rapeseed and soybean prices initially fell after the release of a USDA report, but have since recovered due to rising oil prices. The increase in oil imports by China and improvements in macroeconomic indicators in the US have supported the market, although demand for oil in China is gradually declining. There are concerns that an increase in rapeseed supply and a slowdown in the Chinese economy could lead to a sharp decline in prices.

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

Original content

Quotes for rapeseed and soybeans, which fell after the release of the USDA report, yesterday began to recover against the backdrop of rising oil prices to a 2.5-month high. September futures for Brent crude on the London ICE exchange rose by 6.2% over the week to $81.3 per barrel (+9.8% MoM), while August futures for WTI crude on the New York Stock Exchange NYMEX rose by 6.2%. .9% to $76.8/bbl (+12%) on the back of improving macroeconomic indicators in the US, reducing the risk of a recession and stopping oil production at certain fields in Libya. The market was supported by an increase in oil imports by China in June by 4.6% to a 3-year high of 12.72 million barrels per day. However, demand for oil in China is gradually declining amid a slowdown in the economy. The national corporation CNPC (the largest oil and gas producer in the country) has lowered its forecast for crude oil demand in China for 2023 from 756 to 740 million tons compared to March estimates. Crude oil reserves ...

Source: Oilworld