Oilseed rape prices fell sharply on Monday 12 December 2022 at the opening of Euronext, in response to the decline in palm oil on the Kuala Lumpur Stock Exchange. Markets continue to move amid fears of an economic downturn largely due to rising energy costs.
The Friday 9 December 2022 On Euronextthe ton of rapeseed closed at 565.50 euros on the February expiry (-5.75 euros compared to the previous closing) and at 571.25 euros (-5.00 euros) on the May expiry. This morning of Monday 12 December 2022, the falling prices of oils such as palm oil on the Asian markets put rape under pressure again. So around 12:30 on Euronext, the ton of rapeseedit lost 9.25 euros on the February maturity, reaching 556.25 euros, and 8.75 euros on the May maturity, at 562.50 euros.
Brazilian production record
The USDA report released last Friday shows Brazil’s soybean production still at a record high, at more than 150 million tons, competing with the United States on theexport market. Argentina’s soybean production estimates also remained stable. The Drought observed in this country continues to be a support element of the soy market, according to Agricultural cooperation Trade in cereals. Soybeans were down 3 cents Friday at Chicago Stock Exchange.
Downtrend for oil
The oil remains on a short-term downtrend, at $70.51 a barrel as of 12:30pm Monday, December 12, 2022.
