Following oil prices, rapeseed prices rose by 3.7%

A sharp rise in oil prices at the beginning of the week supported the oilseed markets. Rapeseed futures on Paris ‘ Euronext rose 3.7% at once yesterday, once again updating the record.

The so-called “Christmas rally” continues on exchanges, when investors buy stocks on the eve of a long weekend, and traders make speculative purchases of goods.

February Brent crude futures rose 3% to a monthly high of 7 78.6/barrel after a slight Friday drop yesterday on news of a lighter form of the new Omicron coronavirus strain. It does not cause serious consequences, although it is more contagious, and vaccinations against it are not effective.

The market also supported the speech of the Iranian delegation at a new round of negotiations on the nuclear program, where Tehran demanded the immediate and complete lifting of the embargo imposed by the United States three years ago. While Washington supports a step-by-step lifting of restrictions with verification of Iran’s compliance with its obligations.

February rapeseed futures rose 28 €/ton yesterday to a record 779.75 €/ton or 8 883.11/ton, adding 18% in December amid a shortage of supply.

January canola futures on the Winnipeg Stock Exchange have risen by 16 CAD/t since the beginning of the week to 1022 CAD/t or 7 799/T, which corresponds to the level of the previous month.

Soybean futures on the Chicago Stock Exchange rose 2.8% to 5 505.9/ton yesterday as a result of speculative purchases that traders make amid droughts in Argentina and southern Brazil. The number of long soybean contracts increased by 31,949 to 72,924 lots, which is the highest since August 24, and short contracts – to 206,600 lots, which will be the highest since June 15.

The speculative rise in oilseed prices caused by the drought in South America will continue for several more weeks, but as soybeans are harvested in Brazil, prices will begin to fall.