Rapeseed Continues Its Advance
By ODA UK | Published at
On the oilseeds complex, after seeing overall gains the day before, foreign markets sank today. Vegetable oils consolidated with a 0.5% decline by Malaysian palm oil and soybean oil in Chicago.
Soybeans also fell slightly due to an improved weather forecast for Argentina. Indeed, while very volatile, the models now predict more rain for next week across the entire soya production zone.
Despite an unfavourable change in the euro-dollar exchange rate, European rapeseed prices were in contrast to the soya complex and palm by recording another positive session in the wake of crude, which continues to increase. It is now at $62 per barrel after a significant decline in U.S. crude inventory.
In terms of grains, Algeria launched a call to tender for milling wheat with delivery expected for March. Despite the increase in the euro-dollar exchange rate and the consolidation of U.S. wheat, Algerian demand enabled the near-term Euronext wheat expiry to climb. The increase allowed for an upward break of the bearish trend this expiry began in late September.