World: A 3.2% drop in rapeseed prices led to a 3.5% drop in palm oil futures
Refined Soybean Oil
Australia
United States
Published Mar 22, 2023
Original content
The 15% drop in global oil prices since the beginning of March and the decline in demand for vegetable oils, which led to a sharp drop in their prices, continues, which continues to put pressure on soybean, canola and palm oil quotes. Rape quotes on the Paris exchange fell 3.2% yesterday to the lowest level since August 2021 at €453.75/t or $486/t (-22.8% month-to-month, -60% year-to-date) on against the backdrop of reduced demand and increased supply from Canada and Australia on the European market, as well as forecasts of a good rapeseed harvest in the EU in the new season. May canola futures in Winnipeg yesterday also fell 1.8% to CAD738.5/t or $540/t (-13% month, -24.5% year). A 15% drop in Black Sea sunflower oil prices over the month and a fall in EU rapeseed oil prices below palm oil prices are putting pressure on Bursa Malaysia Derivatives listings. There, May palm oil futures have been falling over the past three sessions and yesterday fell 3.56% to a 5-week low of 3,785 ...
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