Last week, most of the oil contracts on global exchanges ended with a decline in prices. On a weekly basis, only rapeseed on Matif increased in price – by 3.0%.
Rapeseed on Matif is the market leader
It is true that on Friday the prices of all oilseed contracts presented below increased, but on a weekly basis the clear market leader was rapeseed listed on the Paris Stock Exchange, which on Friday reached the highest price since September 6 last year. The USDA report published on Thursday afternoon did not bring any major changes to the global oil balance.
In the latest report for the current season, the USDA forecasts a decline in the global rapeseed harvest compared to the previous season by 0.44 million tons to 88.39 million tons. In the European Union, production is expected to increase by 0.39 million tons to 20.0 million tons, in Canada the harvest they are to be higher by 0.11 million t and will amount to 18.8 million t, in Ukraine the harvest is to increase by 0.9 million t to 4.4 million t and in Australia to fall by 2.6 million t to 5.7 million t.
According to the USDA report, the global soybean harvest in the 2023/24 season (compared to the previous season) will increase by 18.53 million tons to 396.73 million. In the USA, the forecast production is to be lower by 2.88 million tonnes and will amount to 113.34 million tonnes, in Brazil the harvest should decline by 7.0 million tonnes to 155.0 million tonnes and in Argentina it should increase by 25.0 million tonnes to 50.0 million tonnes. vol.
The price of rapeseed in the contract for delivery in May on the Paris Stock Exchange increased by 1.7 percent on Friday. and amounted to EUR 459.00/t (PLN 1,958/t) and were by 0.5%. lower than this time last year. Over the last week, the price of rapeseed has increased by 3.0%.
On a weekly basis, oil prices overseas fell
Canadian canola prices increased by 1.7% on Friday. and amounted to 634.70 CAD/t, and over the last year they decreased by 16.8%. On a weekly basis, canola became cheaper by 1.3%. American soybeans rose 1.3% on Friday. and cost USD 431.36/t. On a y/y basis, the price of soybeans decreased by 21.8%, while in the last week of trading the price decreased by 0.9%.
Matif rapeseed, May contract – price increased by 1.7%. (EUR 459.00/t – PLN 1,958/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 up.
CBOT soybeans, May contract – price increased by 1.3%. ($431.36/t- PLN 1,725/t).
On the Chicago stock exchange, the soybean market is dominated by an upward trend – long-term, medium-term downward, short-term upward.
Canola WCE, May contract – price increased by 1.67%. (CAD 634.70/t – PLN 1,847/t).
In Winnipeg, canola is dominated by a long-term downward trend, a medium-term downward trend and a short-term upward trend.
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