2023-08-28 10:30:41
Oilseed prices climb in the wake of soybeans, battered by the heat in the United States. Demand returns as China bought 120,000 tonnes of US soybeans
Rapeseed prices followed soybeans on Euronext on Friday August 25, 2023. The tonne closed the session at 473.25 euros (+ 1.75 euros compared to the previous closing) and at 484.25 ( + 2.00 euros) on that of February. This Monday, August 28, 2023, shortly following 11 a.m., it earned 0.50 euro on the November deadline, at 473.75 euros, and 0.75 euro on the February deadline, at 485 euros.
American soybeans penalized by heat
On the Chicago Stock Exchange, soybeans gained 13.25 cents per bushel amid very hot and dry weather in the United States. “Culture is at the forefront given its current sensitivity,” explains Agritel.
“Soybean prices are all the more buoyant as demand returns with the announcement by the USDA of the exceptional sale of 120,000 tonnes to China,” continues the consulting firm. Delivery is expected during the 2023-2024 campaign.
This pre-harvest rebound in soybeans might, according to Sitagri, “encourage farmers to sell their soybeans and store their corn while waiting for a price increase”.
Isabelle Escoffier
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