Rapeseed Sinks in the Wake of Oils
By ODA UK | Published at
Euronext wheat was fairly stable today. A revised Russian analysis of 2019-2020 raised estimated Russian wheat production by more than 3MT to 83.4MT, or nearly the 2017 record. At the same time, the European Commission lowered its yield estimates for soft wheat and winter barley due to dry conditions in the southern EU.
As Euronext was closing, U.S. winter wheat was down 1% while maize was slightly higher after snow slowed planting for maize and spring wheat.
In oilseeds, soybeans and soya meal were advancing as the European market closed after the NOPA published U.S. crushing figures. U.S. crushing for March was 4.63MT, sharply higher than the previous month (4.2MT), but slightly less than March 2018 (4.68MT). The sale of 140KT of U.S. soya to an unknown destination offered additional support.
Palm oil prices declined today despite a small uptick in export demand. Malaysian palm exports increased 6.7% during the first two weeks of April compared to the same period in March. In spite of soya's gains and crude's good performance, soybean oil prices sank.
Rapeseed prices finished the day lower in the wake of oils.