European rapeseed prices hitting record highs because of US soybean prices, says UFOP
In France, rapeseed prices have been climbing steeply to a 2016 record high as a result of the surge of US soybean price quotes and the rise of palm oil prices. This jump has allowed bids on the cash market to recover from their seasonal low.
According to UFOP, “Rapeseed oil prices soared on temporarily buoyant demand for further forward positions and firm feedstock prices, to a level exceeding that of soybean oil. Interest in buying dwindled markedly in the wake of the recent surge in prices. Buyers’ and sellers’ price expectations of were too disparate. “
Prices asked for cold pressed rapeseed oil were raised by 1.3 euro cents per litre from the previous month, to 81.23 euro cents per litre. Demand from the power sector was substantial in some cases, but it is likely to slow as the winter season ends. However, sustainable rapeseed oil is becoming increas-ingly competitive compared to other oils. March 2016 asking prices for extracted rape-seed oil fob oil mill went down slightly, to around 62.5 euro cents per litre.
Category: Fuels
