Last week, the quotations of oil contracts on global stock exchanges ended with an increase in prices. Rapeseed on MATIF gained 2.4%.
Oil prices rose for the second week in a row
The price situation on global oil markets is slowly improving. For the second week in a row, prices on the stock exchanges rose, rebounding – in the case of soybeans and canola – from several years of low prices. Friday’s USDA reports include forecasts including: global oil balance did not differ significantly from the previous ones.
In the latest report for the current season, the USDA forecasts a decline in the global rapeseed harvest compared to the previous season by 1.39 million tons to 87.44 million tons. In the European Union, production is expected to increase by 0.43 million tons to 20.1 million tons, in Canada the harvest they are to be higher by 0.1 million t and will amount to 18.8 million t, in Ukraine the harvest is to increase by 0.8 million t to 4.3 million t and in Australia to fall by 2.8 million t to 5.5 million t.
According to the USDA report, the global soybean harvest in the 2023/24 season (compared to the previous season) will increase by 20.15 million tons to 398.21 million. In the USA, the forecast production is to be lower by 2.88 million tons and will amount to 113.34 million tons, in Brazil the harvest should decline by 6.0 million tons to 156.0 million and in Argentina it should increase by 25.0 million tons to 50.0 million. vol.
Prices of rapeseed in the contract for delivery in May on the Paris Stock Exchange fell by 0.59 percent on Friday. and amounted to EUR 423.25/t (PLN 1,823/t) and were 20.1 percent lower than this time last year. Over the last week, the price of rapeseed has increased by 2.4%.
Canadian canola gained the most during the week
Canadian canola prices increased by 0.7% on Friday. and amounted to CAD 599.40/t, and over the last year they decreased by 25.1%. On a weekly basis, canola prices increased by 4.4%. American soybeans rose 1.2% on Friday. and cost USD 430.08/t. On a y/y basis, the price of soybeans decreased by 23.0%, while in the last week of trading the price increased by 2.4%.
MATIF rapeseed, May contract – price decreased by 0.59%. (EUR 423.25/t – PLN 1,823/t).
Quotations of May rapeseed futures contracts expressed in PLN are presented in the chart below:
In the continuation chart below of rapeseed contracts listed on Matif, the long-term downtrend dominates, the medium-term trend is downward and the short-term trend is sideways.
CBOT soybeans, March contract – price increased by 1.17%. ($430.08/t – PLN 1,694/t).
On the Chicago stock exchange, the soybean market is dominated by an upward trend – long-term, medium-term is down, short-term is down.
Canola WCE, March contract – price increased by 0.69%. (CAD 599.40/t – PLN 1,757/t).
In Winnipeg, canola is dominated by a long-term downward trend, a medium-term downward trend, and a short-term downward trend.
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