EU: Rapeseed prices fell sharply after hitting a record level of 994.5 €/t

Published 2022년 3월 24일

Tridge summary

Oil and agricultural commodity prices have surged due to ongoing conflicts and export restrictions. Oil prices have increased by 13% since the start of the week, reaching $122/barrel. Palm oil prices have also risen by 10%, soybean oil by 5%, and rapeseed oil prices have hit a record high on the European MATIF exchange. Russia is planning to introduce export quotas and duties on oilseeds and oil flax from April 15, 2022, to September 1, 2022. The EU's rapeseed imports were lower than forecasted due to higher prices and freight costs. The condition of rapeseed crops in Ukraine and Canada is critical for the global prices of new crop rapeseed.

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

Original content

Oil quotes have grown by 13% since the beginning of the week to $122/barrel. Following oil, palm oil prices rose 10% since Monday to RM6,192/t or $1,467/t, while soybean oil, which is now the main alternative to sunflower oil, rose 5% to $1,674/t. Supplies of sunflower oil from Ukraine have practically stopped. From April 15 to September 1, 2022, Russia introduces quotas for the export of sunflower oil in the amount of 1.5 million tons and meal - 700 thousand tons, and also plans to increase duties on the export of oilseeds and introduce duties on the export of oil flax. Against the backdrop of rising prices for rapeseed oil, May futures for rapeseed on the European MATIF exchange on March 22 reached a record 994.5 € / t or 1094 $ / t. However, after profits were fixed by traders yesterday they fell by 7% to 926.5 €/t. At the same time, August futures for new crop rapeseed are trading at 770.5 €/t. The EU in 2021/22 MY imported 3.7 million tons of rapeseed out of the forecasted 6 ...

Source: Oilworld