Rapeseed prices remain under pressure despite poor harvest forecasts
Rapeseed quotations are still under pressure. Trading in August rapeseed contracts on the Paris futures market closed flat at €462 per tonne on Monday, but most other contracts fell.
The lacklustre stock market quotations do not seem to be affected by the poor harvest forecasts. Last week, grain trade organisation Coceral lowered its forecast for rapeseed. Plus on Monday, the European crop monitoring agency MARS revised downwards the forecast for rapeseed yields in the EU.
Harvest forecasts and market developments
Monday’s July report shows a yield of 3.16 tons per hectare compared to 3.21 tons a month earlier. Wet conditions in central and western Europe are to blame for this, while parts of southern Europe are experiencing drought. For France, revenues are expected to remain 5% below the 5-year average; in Germany the forecast is just below the multi-year level. The forecast for Romania has also been adjusted downwards so that it is at the same level as the 5-year average.
Palm oil futures fell on Asian markets on Monday, partly due to lower prices for other oil-containing commodities. The weak Chinese market is partly responsible.
At the CBoT (Chicago), soybean prices rose, while flour and oil fell. Bad weather in parts of the United States is raising some concerns about yields. The latest Crop Progress Report forecast indicates that 67% of soybean acreage is rated as good to excellent; a week earlier that was still 70%. This is offset by successful sowing for this season.
Join 26,000+ subscribers
Subscribe to our newsletter to stay updated about all the need-to-know content in the feed sector, three times a week.
