Rapeseed: rapeseed oil follows last year's traces
June 16, 2020 at 3:50 PM ,
Der AUDITOR
Canola increased in the afternoon in Winnipeg with CAD 473,60 per metric tonne by 04% compared to yesterday. Rapeseed was slightly firmer in Paris at EUR 377.00 per metric tonne. Canola in Winnipeg benefited from firmer soybean quotations in Chicago and particularly higher prices on the crude oil market. After rather weaker crude oil prices in the last few days, Brent crude recovered this morning by 5.8% to USD 39.7 per barrel and WTI by 7.2% to USD 37.0 per barrel. Washington provided the stimulus, as the Trump government appears to be preparing a massive infrastructure package of almost USD 1 billion for October's release. The higher liquidity also led to better sales expectations for Canola. In Canada, however, difficult growth conditions, sometimes too dry, otherwise too wet, also supported the market. By contrast, the weaker price trend for palm oil in Malaysia had little effect on the canola market.
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Rapeseed 00 (40/9/2), daily price development |
||
|
Parity |
EUR/mt |
Diff. EUR/mt |
|
Rouen, FOB |
363.00 |
-2.00 |
|
Moselle, FOB |
376.00 |
-1.00 |
|
Hamburg, CIF |
372.00 |
-2.00 |
|
Neuss, DDP |
383.00 |
1.00 |
|
Hamm, DDP |
391.00 |
1.00 |
|
Mannheim, DDP |
383.00 |
1.00 |
|
Trade sources |
||
Trend towards firmer prices for the time being
The Western European rapeseed market benefited from the somewhat weaker euro exchange rate, which recently fell back below the 1.13 USD/EUR mark at 1.1281 USD/EUR. On the French spot market, rapeseed fell in the morning simply because there was no demand. The storms of the weekend had hardly any effect on the field crops in Western Europe. It is interesting to note that rapeseed oil prices remained almost at last year's level. If the trend were to continue as in the previous year, rapeseed prices would have to rise sharply from August onwards and even more so in September. Due to a shortage of rapeseed supplies, the EU remains dependent on imports from Ukraine and later from Australia, where the crop is expected to be high. This would be a major difference compared to last year. However, a second pandemic wave would turn the market upside down.
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