Rapeseed Prices Advance in the Wake of the Soya Complex in Chicago
By ODA UK | Published at
On the oilseeds market, prices for soybeans, soya meal, and soybean oil climbed on the other side of the Atlantic. Heavy rains forecast for the coming week across the soya production region continue to raise fears about the progress of the harvest over the next several days, as well as about the quality of soybeans harvested.
Rapeseed followed the movement helped along by the ongoing decline in the exchange rate to $1.157 and the rise of crude oil prices to $84.3/bl for Brent.
In terms of grains, after starting the day lower, wheat prices in Chicago returned to near equilibrium as the European session ended with support from maize and soya prices. Indeed, U.S. maize prices welcomed the agreement between the United States, Canada, and Mexico with sharp gains. The significant rain that should fall across the Corn Belt in the coming days was also a source of concern.
Euronext wheat did not benefit from the stability of its U.S. counterpart or the euro's decline and slumped slightly to end the session. Talks between Algeria (the leading buyer of French wheat) and Russia are expected next week in order to possibly open the Algerian market to Russian wheat. This news slightly pressured European wheat prices.