Speculative rise in oil prices supported oilseeds markets, but they await USDA data on the US soybean crop and Canadian canola

A strong hurricane that covered the east coast of the United States led to a speculative increase in oil prices, which supported quotations of vegetable oils and canola.

December Brent oil futures rose by 3.6% to $79.4/barrel yesterday (+10% since the beginning of the month).

Meanwhile, December palm oil futures on the Malaysian exchange yesterday fell 0.4% to 4,233 ringgit/t or $987/t (+1.2% for the week) on data of a rise in domestic oil inventories and a sharp reduction in imports India in September.

During September, Malaysian palm oil stocks rose 6.93% to an 8-month high, while analysts had expected a rise of just 3%, according to the Ministry of Internal Affairs and Communications. At the same time, palm oil production decreased by 3.8%, and exports increased by 0.93%.

November rapeseed futures on the Paris MATIF yesterday rose 1% to €496/t or $542/t (+3.9% for the week, +7% for the month) amid higher oil and biodiesel prices.

In Ukraine, export purchase prices for rapeseed in the ports of the Black Sea increased by UAH 200-300/t to UAH 23,700-23,900/t or $505-510/t during the week as a result of reduced offers from producers against the background of active demand.

Canola futures on the Winnipeg exchange fell 1.6% for the week to CAD 612/t or $444/t (+7.3% on the month) on the back of faster harvesting and increased supply, as well as lower exports and lower prices on soybeans in the United States.

November soybean futures on the Chicago Stock Exchange fell 3% on the week to $374/t (+1.5% on the month) amid an improved outlook for the US soybean crop and an acceleration of planting in Brazil thanks to increased rainfall.

The USDA will release an updated global oilseeds balance sheet today, where it may raise forecasts for US soybean and Canadian canola production, adding pressure to quotes.