Oilseed rape was the positive mover in the market this week, as prices rose significantly. November French oilseed rape closed last week at €486/t, up from €471.75/t the week before. It rose further this week, moving to €501/t on Tuesday evening.
Oilseed rape was the positive mover in the market this week, as prices rose significantly.
November French oilseed rape closed last week at €486/t, up from €471.75/t the week before. It rose further this week, moving to €501/t on Tuesday evening.
As harvest begins in France, yields of oilseed rape look to be down, which is most likely helping prices.
At present, rapeseed stocks are expected to decline. Stratégie Grains placed its EU rapeseed harvest estimate at 17.8m tonnes, down 10.6% from last year’s harvest. Canadian area is up slightly.
Prices of crude oil are also likely playing into this, as they increased. Soybean prices often affect oilseed rape prices, so it is important to note that there is expected to be good soybean supply this season.
Wheat
Looking at wheat and prices were up and down over the last week. On Thursday, the French wheat price for December was at €235/t. It fell back down to €231.50/t on Friday and peaked at €237.25/t on Monday. On Wednesday afternoon that price was at €233/t. Monday’s peak was probably helped by the USDA Acreage report.
Agritel reported this week that: “The markets are watching Russian prices closely, which are continuing to fall.”
It reported a spread of $15/t between French and Russian origins and stated that French origin will find it difficult to compete.
Acreage report
The United States Department of Agriculture released its acreage report on Friday 28 June.
It estimated that the wheat area is down 5% from 2023. Wheat area for 2024 was estimated at 47.2m acres. Winter wheat took up 33.8m acres, down 8% from last year. That crop is being harvested at present.
The maize area is down 3% from 2023 to a total of 91.5m acres. Soybean area was estimated up 3% to 86.1m acres and cotton up 14% to 11.7m acres.
The increased US maize area is something to keep an eye on. French maize prices fell steadily over the last few weeks from €223/t at the end of May to €203/t to the end of June.
On Wednesday afternoon this week, that price had moved to €206/t.
Native prices
November prices for dried barley were reported at €210 to €215/t, while wheat was at €235 to €240/t.
Dairygold offered €455/t for oilseed rape this week, up from its previous offer of €435/t.
The co-op remained stable on barley and wheat prices at €180/t and €205/t (green) respectively.
Tirlán offered growers €180/t for barley, €200/t for wheat and €450/t for oilseed rape.
This is a subscriber-only article
SHARING OPTIONS: