The beginning of last week brought strong declines in the prices of oil futures on world exchanges. The reason for the sell-off was the negative sentiment of investors on other financial markets caused by concerns about the state of the American economy. As a result, stocks and oil, among others, fell in price.
US soybeans cheapest since September 2020
In this climate, American soybeans have set a new low in nearly 4 years. Despite a significant drop in price, rapeseed on the Paris stock exchange remained within the range of the lower ranges of quotations from recent weeks, and on Wednesday and Thursday it practically made up for the losses from the beginning of the week. The relatively better quotations of European rapeseed (but also canola) compared to soybeans result from worse forecasts for the production of these seeds, among others in the EU this season.
An important report for oil prices
This afternoon, the U.S. Department of Agriculture (USDA) will release its latest monthly report on, among other things, the world oilseed balance forecast, including rapeseed, for this season.
Rapeseed prices in the November delivery contract on the Paris stock exchange fell by 1.0 percent on Friday and amounted to 464.50 euro/t (2008 PLN/t) and were 1.6 percent lower than a year ago. Over the past week, prices fell by 1.6 percent.
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American soybeans rose 1.8% on Friday to $377.72/t. Year-on-year, soybeans fell 27.2%, down 0.1% for the week. Canadian canola fell 0.8% to $592.10/t, down 23.4% for the past year. Week-on-week, canola fell 3.1%.
Matif rapeseed, November contract – the price on Friday fell by 0.96 percent (464.50 euro/t – 2008 PLN/t).
The November rapeseed futures contracts quoted in Polish zloty are presented in the chart below:
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The following continuation chart of rapeseed futures listed on Matif shows a long-term downtrend, a medium-term uptrend and a short-term uptrend.
CBOT soybeans, August contract – the price increased on Friday by 1.81 percent (377.72 USD/t – 1496 PLN/t).
On the Chicago Stock Exchange, a downward trend dominates for soybeans – the long-term is down, the medium-term is down, and the short-term is down.
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Canola WCE, November contract – price fell by 0.84 percent (592.10 CAD/t – 1,707 PLN/t).
In Winnipeg, canola is dominated by a long-term downtrend, a medium-term uptrend and a short-term uptrend.
