The price of soybeans on CBoT is the lowest in almost 4 years
Despite falling prices, rapeseed and canola prices remain above the lows seen at the turn of February and March this year, while the price of American soybeans fell last week to levels last seen nearly 4 years ago. Better rapeseed prices on the Paris stock exchange result from lower production of these seeds in France and the entire EU. In its July report, the European Commission again cut its forecasts for this year's harvest (details below).
Rapeseed prices on MATIF remain above PLN 2,000/t
Rapeseed prices in the November delivery contract on the Paris Stock Exchange fell by 0.1% on Friday. and amounted to EUR 472.25/t (PLN 2,026/t) and were 16.2 percent higher than last year. Over the last week, the prices decreased by 1.7%.
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American soybeans rose 0.7% on Friday. and cost USD 378.18/t. On a y/y basis, the price of soybeans decreased by 28.0%, while for the week it decreased by 4.5%. Canadian canola prices increased by 0.3%. and amounted to 610.90 CAD/t, and over the last year they decreased by 21.8%. On a weekly basis, canola became cheaper by 5.5%.
The European Commission in its latest report of July 25 this year. again reduced the forecast for the rapeseed harvest in the EU in the 2024/25 season, this time to 18.4 million compared to 18.8 million tons a month ago. The harvest is expected to be lower by 1.3 million tonnes compared to the previous season. According to the Commission, among the largest EU producers of rapeseed, the harvest will be lower in France – by 0.3 million and will amount to 3.9 million tonnes, in Germany it will decrease by 0.3 million tonnes (4.0 million tonnes) and in Poland it will decrease by 0.2 million tonnes (3.3 million tonnes).
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Matif rapeseed, November contract – the price fell by 0.05% on Friday. (EUR 472.25/t – PLN 2,026/t).
Quotations of November rapeseed futures contracts expressed in PLN are presented in the chart below:
In the continuation chart below of rapeseed contracts listed on Matif, the long-term downtrend dominates, the medium-term is up and the short-term is up.
CBOT soybean, August contract – the price increased by 0.71% on Friday. ($378.18/t- PLN 1,500/t).
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Purchase prices of cereals and rapeseed. Consumer cereals more expensive than at the end of July
Canola WCE, November contract – price increased by 0.34%. (CAD 610.90/t – PLN 1,747/t).
In Winnipeg, canola is dominated by a long-term downward trend, a medium-term upward trend and a short-term upward trend.
