News

The global price of rapeseed grows along with vegetable oils

Rape Leaves
United States
Argentina
Published Mar 30, 2024

Tridge summary

The global oilseed market, including rapeseed, is experiencing a gradual recovery, influenced by higher oil and palm oil prices, alongside forecasts of decreased rapeseed production in Europe for 2024. The EU and Great Britain are projected to see a reduction in rapeseed harvests, with various factors such as Brent crude futures, US crude oil inventory levels, and adjustments in canola production forecasts affecting the market. Speculative growth in oil and vegetable oil prices may be curbed by reduced demand from India and China, and an increased supply from South America and Asia. Challenges in importing sufficient oilseeds in the European Union are anticipated, particularly from Ukraine and Australia, due to production decreases and logistical issues. Additionally, the agricultural market is impacted by the need to sustain grain exports from Ukraine and ensure stability in the Black Sea region, with disruptions in rapeseed supply and fluctuations in commodity profitability also highlighted.
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

Despite the significant volumes of global supply and stocks of oilseeds, in particular rapeseed, prices continue to recover gradually after February's fall against the background of higher prices of oil and palm oil, as well as forecasts of a decrease in rapeseed production in Europe, reports graintrade. According to the forecast of the Coceral agency, EU countries and Great Britain will harvest 20.2 million tons of rapeseed in 2024, which will be 1.1 million tons less than the 2023 harvest. May Brent crude futures rose to a 5-month high of $87.4/bbl on Tuesday, but fell 1.6% to $86/bbl yesterday (+2.4% for the week, +4.6% per month) against the backdrop of profit-taking by traders and strong pressure on the dollar. The market was supported by data from the EIA agency, according to which US crude oil inventories fell by 2 million barrels to 445 million barrels during the week, although analysts expected a decrease of 1.2 million barrels. May palm oil futures on Bursa Malaysia rose ...
Source: Landlord
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