Oil prices rose sharply and stopped the fall in prices for soybeans, corn and rapeseed

After the fall, which lasted from mid-July, since the beginning of this week, oil prices rose immediately by 8%, which supported the prices of soybeans, corn and rapeseed.

October Brent crude futures on the London Stock Exchange rose 8% to 7 70.67/barrel from Monday, while WTI crude futures on the New York Stock Exchange rose 7.8% to.67.1/barrel.

The reason for this growth was the active transfer of traders ' assets to liquid commodities, such as oil and stocks, and the sale of dollars on the eve of the speech of Fed Chairman Jerome Powell, who may announce the end of the "money printing"policy. The monthly print of 1 120 billion was an additional reason for the increase in inflation in the United States.

November soybean futures rose 3% to понеділка 489.1/ton from Monday, while December soybean oil futures rose 6.3% to.1,324/ton.

Additionally, the market was supported by data on the deterioration of soybean and corn crops in the United States. As of August 22, the number of soybean crops in good or excellent condition decreased by 1% to 56%, and corn – by 2% to 60% compared to 69% and 64% a year ago, respectively.

November canola futures almost recovered from last week's decline in two days and rose 3.6% to 896.5 CAD/ton or 7 710.8/ton.

The market is waiting for a report from the Statistical Office of Canada (StatsCan) with an updated forecast of canola production, which will be released on August 30. Traders estimate the canola harvest at 11.4-16.2 million tons, and the average estimate is 14.1 million tons, which is 4.6 million tons lower than last year's figure.

Following canola prices, November rapeseed futures on the Paris Stock Exchange rose by €14.25/ton from Monday to €571.75/ton, or.671/ton, almost recouping last week's drop.