World: International grain and oil seed futures market March 2024, stabilization at a low level

Rape Leaves

United States

Germany

Published Mar 6, 2024

Tridge summary

Rapeseed prices in the EU have stabilized above 410 euros/t in early March, with imports significantly lower than the previous year at 3.6 million tonnes, primarily from Ukraine and Australia. The EU Commission has revised its rapeseed production forecast downwards for the upcoming season. Wheat prices are under pressure but remain above the 200 euro/t mark, with Ukraine and Russia as the cheapest suppliers. Corn prices are also under pressure, with the EU-27 being the largest buyer, followed by the Netherlands. China is increasing its corn purchases from Ukraine due to lower prices. Despite this, US corn exports are up by 35% for 2023/24, and crop conditions in Brazil and Argentina are favorable with predictions of abundant rainfall.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

At the beginning of March, the rapeseed price was able to stabilize at a level above 410 euros/t. Previously, the price had broken out of the sideways trend downwards. Due to the price decline, a downward trend has formed in the charts. With the price jump on Monday, March 4th, the market has risen to the resistance of the 20-day line. Source: ks-agrar.de Imports into the EU-27 are currently still well below the previous year's level at 3.6 million tonnes. In the same period, 5.4 million tonnes were imported. The main suppliers remain Ukraine with 2.4 million t and Australia with 768,000 t. Canada's share of total EU imports fell by three percentage points to 1.2%. Moldova and Serbia have become significantly more important as rapeseed suppliers to the EU and have multiplied their imports to 233,100 t and 107,200 t respectively. In the case of Moldova, it can be assumed that most of the rapeseed exported to the EU comes from Ukraine, as Moldova itself only produced around 75,000 t ...

Source: Bauernzeitung