Rapeseed loses €7/t and falls below €470/t in Europe

Published Jun 7, 2024

Tridge summary

Rapeseed prices on Euronext experienced a decline on Friday following a rebound the previous day, driven by a decrease in vegetable oils after a Brazilian tax reform. Palm oil prices continued to rise due to demand from India and China, and the technical rebound in crude oil prices supported the biofuels sector. However, the market is still under pressure due to favorable weather conditions in Canada and Australia, and fast soybean plantings in the US. The August 2024 Euronext rapeseed futures fell by €6.75/t, to €467.75/t, and the November 2024 futures eased by €3.75/t, to €479/t.

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

Original content

Rapeseed prices started to fall again this Friday mid-session on Euronext, after their sharp rebound the day before. Oilseeds have indeed benefited from a small surge in vegetable oils, in reaction to a tax reform in Brazil that is unfavorable to local crushing. Palm oil also remained on an upward trend this Friday morning on the Kuala Lumpur Stock Exchange, in the face of renewed Indian and Chinese demand. The technical rebound in crude oil prices this Thursday, after the drop recorded at the start of the week, also gives support to the biofuels sector. The more favorable climatic conditions observed in Canada and Australia, as well as the rapid progress of soybean ...

Source: TerreNet