Rape quotes in Paris fell 3% amid profit-taking by traders

After a stormy two-week rise in rapeseed quotations on the Paris exchange, traders began to take profits, which led to a correction in prices.

 

Yesterday, August rape futures fell by 2.9% to €493.75/t or $534.7/t (+6.2% for the month), and November - by 2.6% to €501.5 /t or $543/t (+5.3%).

 

Oil prices fell on hopes of a de-escalation in the Middle East following the election of a new president in Iran, who said he would improve relations with the West and seek the lifting of US sanctions.

 

September Brent oil futures fell 1.9% to $85.8/barrel in two sessions, but still remain 5% more expensive than a month ago.

 

On the Winnipeg exchange, November canola futures fell 1.5% to CAD 648/t, or $475/t, yesterday, losing 1% for the month, while canola prices rose in Paris at the same time.

 

In Ukraine, export purchase prices for rapeseed with delivery to Black Sea ports yesterday reached 22,500-23,000 UAH/t or $485-500/t, but following stock market quotations today they will decrease to 22,000-22,500 UAH/t.