Weaker Euro and Falling Soy Oil Prices Weigh on Rapeseed

Ahead of the U.S. election, markets are adjusting positions with the potential election of Kamala Harris in mind. The February contract for rapeseed on Euronext lost 1 EUR to settle at 516 EUR/t at the start of the week. While soybeans and soybean meal saw gains in Chicago, weaker soy oil prices and a stronger Euro pressured rapeseed in Paris.

Strong Demand and Export Sales Support Soybean Prices

Soybean markets benefitted from solid export demand, highlighted by a new sale of 132,000 tons to unknown destinations for the 2024/25 marketing year. Weekly export inspections showed a 17.9% drop compared to the previous week, with China as the primary buyer (1.4 million tons). Overall, exports in the current marketing year are 3.5% higher than last year.

AgRural Reports Rapid Progress in Brazil’s Soybean Planting

Brazil’s soybean planting is progressing swiftly despite regional dryness. As of last Thursday, 54% of fields were planted, marking the second-fastest pace on record. AgRural attributes this progress to improved moisture levels and stable crop conditions.

Crude Oil Market Supported by Weak Dollar and Political Uncertainty

Crude oil prices are also seeing gains, influenced by currency movements. A weaker U.S. dollar and OPEC+’s decision to delay planned production increases by one month are providing price support. Additional upward pressure on oil prices is coming from political tensions in the Middle East, following reports of potential Iranian attacks on Israel.