Rapeseed falls towards €465/t

Rapeseed prices on Euronext fell due to a significant drop in crude oil prices, with Brent crude reaching its lowest level in nearly three years, affecting the biofuel sector. Additional pressure came from increased palm oil stocks in Malaysia and stable soybean ratings in the U.S. Despite some support from dry conditions in the Corn Belt and rising Chinese demand, concerns over delayed sowing in Brazil also played a role. As of 1:00 p.m., November 2024 rapeseed futures decreased by €3/t to €465.25/t, and February 2025 futures dropped by €3.25/t to €467.25/t.

Rapeseed prices fell back into negative territory on Tuesday at mid-session on Euronext, in the wake of a new decline in crude prices. The barrel of Brent is notably at its lowest level in almost three years, and is thus weighing on the entire biofuel sector. Oil-rich seeds were also penalized by the monthly publication of the MPOB, which revealed a new increase in palm oil stocks in Malaysia last month, after a sharp contraction in national exports during the period. The soybean complex in Chicago is also falling again on Tuesday in Chicago, after the USDA maintained its “good to excellent” soybean ratings at 65% in its latest weekly Crop Progress, compared to 52% last year at the same time. The dry climate in the Corn Belt and the recovery in Chinese demand are, however, providing some ...