European Rapeseed Strengthens
By ODA UK | Published at
Oils moved in different directions on the oilseeds complex. Soybean oil rose as global demand on U.S. supply intensified while palm oil was under pressure from the growing October outlook for Malaysian inventories. Indeed, traders expect the MPOB's report, which will be released Monday, may revise Malaysian palm inventories higher between September and October.
Soybean and soya meal prices sank slightly with good weather in the United States for harvesting and in South America for planting.
On the European market, rapeseed prices climbed nearly 1% as demand for the grain strengthened on the domestic market (increase in bases) and as support came from increased export demand for Canadian canola.
With very limited news about the wheat market and in anticipation of tomorrow evening's USDA report, prices were near equilibrium in Paris and Chicago as the European session ended. The euro-dollar exchange rate climbed after U.S. mid-term election results did not put too much pressure on the European market.
In terms of maize, Chinese officials revised production levels from previous years sharply higher. The changes minimally impacted global maize prices, which were near equilibrium in Chicago.