Rapeseed surges to EUR 780 a ton on Euronext
Rapeseed prices climbed sharply to EUR 779.75 per ton on Euronext on 27 December, up EUR 28 per ton on the previous day's level, the APK-Inform consultancy writes.
Prices were boosted by tight rapeseed supply in the EU amid strong demand and soybean quotations strengthening on the CBOT due to the drought in South America.
"Market operators also noted an increase in demand for rapeseed oil in the EU after a number of countries, including France, banned the use of palm and soybean oils in the biofuel industry," the message reads.
Reportedly, soybean futures on CBOT rose to USD 500.6 (+USD 11.2) per ton on 27 December.
In the 2020/21 season, rapeseed production in Ukraine totalled 2.9 mln t, the average yield stood at 2.86 t/ha. Winter rapeseed planting was 99% completed.