Prices for rapeseed continue to decline
on Tuesday in Chicago continued rapid decline of the futures on soybeans, which in two days lost 3.7% and has fallen to the level 358,5$/t
the Catalyst for the drop in soybean prices became precipitation in the "corn belt" and the weather is warm and wet weather for the next two weeks, which will be a crucial period for oilseeds. In addition, the Ministry of agriculture of the USA has updated a report on the condition of crops where increased by 2% to 59% number of crops in good or excellent condition.
the Price of canola in Chicago also dropped to 500 CAD/t or 397,6 $/t, however this decline is not too sharp. Analysts Oil World lowered its estimate of canola production in Canada in 2017/18 MG to 18.6 million tonnes versus 20 million tonnes in the previous forecast.
Adverse weather conditions in the country over the past few weeks has led to the fact that as of 24 July, only 52% of oil crops in Saskatchewan were in good to excellent condition (compared to 92% last year), which is the worst figure in the country's history. The amount of precipitation that fell in the key center for growing canola in Canada until the specified date, was 50% below normal.
According to the forecasts of meteorologists, within the next 7 days in Prairie Canada, the temperature drops to normal and will precipitation, will support crops and will keep the market from further growth.
the Price of rapeseed in Paris yesterday declined to 5.5 €/t to 366,25 €/t (433 $/t).
Prices for Ukrainian rapeseed has gradually decreased to 410-412 $/t or 12500-12700 UAH /t with delivery to the port and 12000-12300 UAH/t on the domestic elevators. Traders who have acquired the necessary party, sharply reduce trading activity, and in the absence of competition in the market manufacturers have to step up sales at the current price without waiting for further price growth.