Rapeseed Seed Price Plummets in Europe

The rise in oil prices after Israel's strike on Iran triggered a sharp increase in rapeseed, which is the main raw material for biodiesel production in the Old Continent. On June 11-12, August futures were traded on the Paris stock exchange at EUR 475-485/t (low/high), but after the Israeli strike, the oilseed prices on Euronext shot up, and on June 20, the exchange closed at EUR 505/t. The upward movement of stock quotations last week was significantly contributed to by strong speculative noise around the Ukrainian government's intentions to impose a 10% export duty on soybeans and rapeseed from the country. However, the attempt to impose export duties did not pass. On June 18, the Parliament of Ukraine (Verkhovna Rada) rejected amendments to the legislation that would have introduced 10% export duties. The situation was close. The amendment to bill No. 13134, which proposed the introduction of these duties, was supported by 206 parliamentarians, short of the required minimum of ...