Daily | Oilseed prices on March 11: Sharp rise in rapeseed prices, in the wake of canola and oil

Rapeseed prices on the French physical market and Euronext rose sharply between March 10 and 11, like canola in Winnipeg and oil. Rapeseed on the European futures market again reached a high on Friday for the May deadline at 904.75 €/t. Old crop soybean prices in Chicago, meanwhile, followed the bearish trend of palm oil in Kuala Lumpur, after many consecutive bullish sessions.

While soybean prices on the CBOT fell on Friday for the current campaign, they gained ground for the next harvest, driven by dynamic demand, particularly from China, which bought 264,000 t of US beans. . In Brazil, expected heavy rainfall could adversely affect the soybean harvest. On the other hand, the rains will be less abundant in Argentina, which recorded an improvement in its water conditions last week in the north of the country, which suggests an upward revision of soybean yields.

Palm oil prices fell on Friday. The decline of the ringgit dampened this bearish movement. However, according to the Malaysian authorities, palm oil could reach 9,300 ringgits per tonne in the third quarter of this year.

Regarding oil, despite Russian President Vladimir Putin’s announcement on Friday of “positive progress” in talks with Ukraine, crude oil prices rose, with brokers hedging before trading closed over the weekend. end in a market still supported by fears of disruptions in the supply of black gold, stemming from the war between Russia and Ukraine, according to AFP.

Sunflower prices in French markets gained ground between March 10 and 11, but to a lesser extent than rapeseed. Operators’ main question lies in Ukraine’s ability to carry out its spring sowing, particularly of sunflower, for which the country alone accounts for half of world oil exports. In an interview with Agra Press on March 11, Roman Leshchenko, Ukraine’s agriculture minister, said that “currently there is no impact on spring crops, as the sowing season will begin actively on April 7. At the same time, we already know that we will not have a record harvest – the production of spring crops will be at least 30% lower than the previous year. Our ability to reach 70% will depend on diesel supply, other factors of production, and the evolution of Russian military operations in the territory”. Furthermore, the Minister clarified that “currently, the export infrastructure is blocked, but not seriously damaged. Therefore, if sea transport was unblocked [en plus de la mer Noire, la mer d’Azov est fermée à la navigation depuis le 10 mars, NDLR]we can resume exports within a week”.

French physical markets of March 11, 2022 (July basis for cereals)

Commercial quotations of dairy products from March 10, 2022

Dollar/euro evolution on March 11, 2022

Soybeans 1690.75 cents/wood. Soybean meal $493.10/t Soybean oil 82.18 cts/lb

International market quotations from March 11, 2022