Last week, most of the oil contracts on global exchanges ended with a decline in prices. Only rapeseed on Matif increased in price – by 2.3%.
New lows in soybean and canola prices
Last week, oilseed prices on world markets were the only one that did not succumb to downward pressure and gained over two percent. It is true that on Friday the prices of other oilseeds increased, but on Wednesday and Thursday they marked new lows – canola over three years and soybeans over two years.
The rising price of crude oil did not translate into an increase in oil prices
Even the rising prices of crude oil on global markets (by nearly 10% in two weeks) did not help the oil prices, with the exception of rapeseed on Matif (approx. 2/3 of rapeseed seeds in the EU are used for biodiesel production).
The price of rapeseed in the contract for delivery in May on the Paris Stock Exchange increased by 1.4 percent on Friday. and amounted to EUR 427.50/t (PLN 1,856/t) and were 23.0 percent lower than this time last year. Over the last week, the price of rapeseed has increased by 2.3%.
Canadian canola prices increased by 1.8% on Friday. and amounted to CAD 577.40/t, and over the last year they decreased by 30.3%. On a weekly basis, canola became cheaper by 1.9%. American soybeans rose 0.9% on Friday. and cost USD 430.72/t. On a y/y basis, the price of soybeans decreased by 23.2%, while in the last week of trading the price decreased by 1.0%.
Matif rapeseed, May contract – price increased by 1.42%. (EUR 427.50/t – PLN 1,856/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 0.86%. ($430.72/t- PLN 1,737/t).
On the Chicago stock exchange, the soybean market is dominated by an upward trend – long-term, medium-term downward, short-term downward.
Canola WCE, March contract – price increased by 1.83%. (CAD 577.40/t – PLN 1,727/t).
In Winnipeg, canola is dominated by a long-term downtrend, a medium-term downtrend and a short-term downtrend.
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