Rapeseed Continues to Rebound in Palm's Wake
By ODA UK | Published at
Wheat prices rebounded in Chicago against technical factors for the Mar.-19 expiry. The European market followed, but its move was more limited. November 2018 French exports were good at 1.26MT, including 683KT to non-EU countries. Algeria was still the leading buyer of French wheat, receiving 550KT of shipments.
In international trade, Algeria's call to tender for wheat (February/March delivery) is still in progress. At the time of this writing, a purchase had not been made. At the same time, Tunisia launched a call to tender for 100KT of durum wheat.
Maize prices were mixed for the first two expiries listed on Euronext. As the European session ended, Chicago prices were sliding slightly in the wake of U.S. soya.
Indeed, the entire U.S. soya complex consolidated today. While negotiations are still underway between the United States and China, the markets seem less optimistic today.
The Malaysian palm oil market advanced as, in the end, December production does not seem to be as strong as expected
With gains by palm, support from crude oil, and declines in the euro-dollar exchange rate during the session, rapeseed continued to rebound on the European market.
Lastly, we note the return of listings on the French physical market following the holiday break.