Stock prices for rapeseed and rapeseed continue to grow

The rapid rise in oil prices, and, as a result, palm oil, supports the quotes of rapeseed and canola.

If at first records were set by canola prices against the background of a reduction in the harvest in Canada, now all new highs are updated by rapeseed quotes on the Paris Euronext, which are rising after the prices of oil and vegetable oils used for the production of biodiesel.

November rapeseed futures on the Euronext exchange rose 13 €/ton yesterday to a record 662 €/ton or 7 767.06/ton, adding 15.4% for the month. Even a minor adjustment of the rapeseed crop in the EU did not affect prices.

Strategie Grains experts in the October report raised the forecast of rapeseed production in the EU in 2021/22 MG from 16.93 to 17.03 million tons compared to 16.61 million tons in 2020/21 mg and 15.58 million tons in 2019/20 MG. Due to a decrease in the harvest in Canada, the EU will reduce canola imports this year, which reached 2 million tons last year.

November canola futures on the Winnipeg Stock Exchange rose 15 CAD/t yesterday to 922.3 CAD/t or 7 732.1/t, up 4.2% from last month's level. Recall that July canola futures in the summer reached a record 1000 CAD/ton and exceeded rapeseed prices in Europe by 1 130-140/ton, thanks to which Ukraine sold a batch of rapeseed to Canada. But now rapeseed is 3 35/ton cheaper than rapeseed, so the EU can resume its import.

In Ukraine, purchase prices for rapeseed at the end of the season also increased to 7 710-730/ton or UAH 20800-21000/ton with delivery to the port or border. However, traders are almost not interested in rapeseed, since it is no longer possible to collect a batch of 30-50 thousand tons for shipment by sea, so they are activating deliveries by railcars to the border with Poland or Belarus.