Paris quotes for rapeseed withstand soybean weakness, says UFOP
In Germany, UFOP reports that positive crop prospects in the US have put “massive downward pressure on soybean prices”. This has hardly had any impact on rapeseed in Paris to date. Neither are there any signs of decline in harvest. An anticipated drop in supply in the EU in 2016/17 and slow harvest progress sent prices on a slight upward trend.
The trade association adds that “The nearby for soybeans in Chicago slumped below the level of USD 10 per bushel (the equivalent of EUR 334 per tonne) this week for the first time since April 2016. Fears of drought-related harvest losses in the US caused by the La Niña weather phenomenon are decreasing. In other words, the US crops have developed very well and provided the weather will be as favourable as has been forecast for the coming weeks yields could at least reach the previous year’s level. According to Agrarmarkt Informations-Gesellschaft mbH (AMI), rapeseed prices in Paris cannot quite escape the pressure from overseas. However, prices are increasingly firming up. This trend is supported by a slow progress in the EU harvest and prospects for a general scarcity of supply in the EU in 2016/17.”
Category: Fuels
