World oilseed prices went down after record highs: Agritel

18 March 2021, 11:44

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Oilseed prices fell sharply yesterday, March 17, after reaching record levels at the end of last week, the Agritel consultancy reports.

"The canola and soybean prices were down, weighing on rapeseed for both the 2020 and 2021 crops. Palm oil is also losing ground amid rising US crude oil stocks this week," analysts mark.

As reported, the cereal market evolved little yesterday consolidating on the current levels.

Consultancy specialists add that the end of the winter will enable a better measure of the impact of the winter on the crops condition, mainly in the Black Sea basin. If in Ukraine it seems that this condition is satisfactory, doubts remain about the central region of Russia.

"France's wheat origin is still uncompetitive, particularly in relation to its European neighbours," the report reads.

Beneficial rains came to the USA and are expected to continue, particularly in Kansas, starting to depress prices in Chicago.

Argentina's agriculture minister yesterday reported that farmers have already sold 11.89 mln t of soybeans out of an estimated 45 mln t to be harvested.