Falling oil prices have increased pressure on the canola and rapeseed markets

Yesterday, oilseed prices were under pressure from a 7-8% collapse in oil prices per day and a decline in vegetable oil prices, but received support from heat forecasts in soybean growing areas in the United States and canola in Canada.

Most of all, rapeseed fell in price on the Euronext exchange. August futures fell by €14.5/ton yesterday to €533/ton or € 628.58/ton, losing 1.6% over the week, although they rose by 1% at the end of the month.

Last week on the Winnipeg Stock Exchange, November futures reached 930 CAD/ton or 7 746/ton, which is almost майже 100/ton higher than the price level for European rapeseed, although usually canola is дешев 20-50/ton cheaper (thanks to which the EU imported 2 million tons of canola in 2020/21 MG). Yesterday, November futures fell below 900 CAD/t, but at the end of the session recovered to 907.8 CAD/t or 7 710.6/t.

Over the weekend, light rains fell on the northern Canadian prairies, but they could not improve the condition of crops. Next week, precipitation and lower temperatures will reduce stress on crops.

In Ukraine, purchase prices for rapeseed actively grew following European and Canadian quotes, and yesterday reached порту 630-635/ton or UAH 19200-19400/ton in the port, but at the end of the day they decreased by 5 5-10/ton.

It is worth noting that palm oil futures, which are usually the first to react to changes in oil prices, did not do so yesterday and rose 0.3% to 4151 ringgits/ton or 981 р/ton, which is 25% higher than the level of mid-June.

On the Chicago SWOT yesterday, December soybean oil futures fell 3% to.1,390/ton yesterday under pressure from the collapse of stock markets and oil prices, but forecasts of heat and drought in the next 7-10 days in the main soybean growing regions in the United States will soon support quotes.