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Rapeseed prices are falling like a stone: minus 25 percent in a short time

The prices for rapeseed for the new crop fell by a further 33 euros on Thursday to 662 euros per ton. Compared to the last price peak in mid-May of 881 euros per tonne, this is a fall of 218 euros or 25 percent. Canola prices in Canada fell CA$26 to CA$818 for Thursday’s new crop. Since the end of April, canola prices are down 27%, or CAD$304. The current slide in prices was initially triggered by the sharp fall in palm oil prices.

Indonesia’s return to the international scene and growing fears of a recession have caused the vegetable oil market to turn extremely quickly. Crude oil prices also fell in response to Joe Biden’s announcements of tighter controls on record-high US fuel prices. In particular, the US President wants to suspend federal taxes on gasoline and encourage refiners to quickly ramp up production.

Crude oil prices also fell on fears that rate hikes could plunge major economies into recession. That would also dampen demand for crude oil, vegetable oil and biodiesel, analysts say. Moderate temperatures now forecast through early July in the US Midwest have also eased concerns about yield losses in corn and soybeans following last week’s heatwave.

In Europe, too, prices will be weighed down by the forthcoming start of the rapeseed harvest. Relatively high yield forecasts are also reported from France. The Canadian canola sowing (summer oilseed rape) is currently coming to an end. However, Agri Food Canada expects a significant reduction in Canadian acreage by 7 percent this year to 8.5 million hectares. Nevertheless, yields and harvest volume could be larger than in the extremely drought year 2021.

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