Global: Rapeseed prices are rising rapidly following oil and vegetable oil quotations

Published 2024년 11월 8일

Tridge summary

The article highlights a surge in canola and vegetable oil prices due to increased demand and political uncertainties, with Brent oil futures seeing a 3.7% increase to $75.5/barrel. This trend is reflected in the prices of February rapeseed futures, November canola futures, and December palm and soybean oil futures, all experiencing significant hikes. The European Commission has increased rapeseed imports for 2024/25 by 8% to 1.92 million tons, primarily from Ukraine, while Canada is expected to boost its canola exports by 30% to 8.7 million tons. The article also mentions the effects of production levels and export duties on the global market, with the USDA's forecasts for US soybeans and Australian canola likely to influence future prices.

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

Original content

Increased demand for vegetable oils and rising oil prices due to political uncertainty led to higher canola and canola quotes. Despite the victory of Trump in the elections and the increase in oil reserves in the USA, the January Brent oil futures for the week increased by 3.7% to $75.5/barrel. February rapeseed futures on the Paris MATIF rose 3.2% in two sessions 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 exchange rose 4.5% in two sessions to CAD 645/t or $465/t (+4.6% on the month) following a rise in vegetable oil prices, particularly soybean in USA. December palm oil futures on Bursa Malaysia rose another 5.5% for the week to 4,952 ringgit/t, or $1,134/t, on data of reduced inventories. December soybean oil futures on the Chicago Stock Exchange rose 7.3% to $1,065/t (+12.3% on the month) for the week on stronger demand for the cheapest oil on the ...

Source: Graintrade