Forward prices for rapeseed in Ukraine increased to 6 660 / ton for deliveries to the port

Rising prices for soybeans and oil on the Chicago Stock Exchange led to an increase in stock prices for rapeseed and rapeseed, following which forward prices for rapeseed in Ukraine rose to a record level.

Now traders ' attention is focused on Canada, where canola sowing is completed, and the weather contributes to the development of crops. Some provinces were affected by a heat wave from the United States, but it is leveled by periodic precipitation.

July canola futures fell 3.4% to 875 CAD/ton or 7 724/ton yesterday, while November futures continued to rise in price and rose another 1.1% to 773.6 CAD/ton or 6 640/ton, adding almost 10% in price in two weeks.

On Paris ' Euronext, August rapeseed futures also rose 4.25 €/ton yesterday to 541.75 €/ton or 6 659.14/ton, adding 5.6% of the price in two weeks.

In Ukraine, cold weather with heavy precipitation delays the development of rapeseed crops, which can reduce yields and, as a result, increase competition for volumes.

Last week in Ukraine, forward prices for rapeseed with a base oil content of 42% and delivery to the port in July – August increased by 2 20-30/ton to 6 650-660/ton.

Improving weather in Australia during the sowing period of wheat and rapeseed may increase pressure on prices in the future.

Rapeseed imports to the EU for the week amounted to only 66.1 thousand tons, and in general in the season reached 6 million tons, which is 4% higher than the corresponding indicator of the previous season. At the same time, EU countries are increasing soybean imports, which for the week amounted to 400 thousand tons, and in general in the season – 14.2 million tons, which is 4% lower than last year's figure.