Speculative growth in crude oil prices supported the oilseed markets, but they are awaiting USDA data on the US soybean and canola harvest in Canada

A strong hurricane that hit the East Coast of the United States led to a speculative rise in oil prices, which supported prices for vegetable oils and rapeseed.

December futures for Brent crude oil yesterday rose by 3.6% to 79.4 $/barrel (+10% since the beginning of the month).

At the same time, December futures for palm oil on the stock exchange in Malaysia yesterday fell by 0.4% to 4233 ringgit/t or 987 $/t (+1.2% for the week) on data on the increase in oil reserves in the country and a sharp decline in imports by India in September.

According to the MRO, during September, palm oil stocks in Malaysia rose by 6.93% to an 8-month high, while analysts had expected growth of only 3%. At the same time, palm oil production decreased by 3.8%, while exports increased by 0.93%.

November futures for rapeseed on the Paris MATIF yesterday increased by 1% to 496 €/t or 542 $/t (+3.9% for the week, +7% for the month) amid rising prices for oil and biodiesel.

In Ukraine, the export purchase price of rapeseed in the ports of the black sea for the week increased by 200-300 UAH/t to 23700-23900 UAH/t or 505-510 $/t due to reduced supply from producers amid strong demand.

canola Futures on the Winnipeg stock exchange for the week fell by 1.6% to 612 CAD/t or 444 $/t (+7.3% for the month) due to the acceleration of collection and increase in supply, as well as reduced exports and lower prices for soybeans in the United States.

November futures for soybeans on the Chicago stock exchange for the week decreased by 3% to 374 $/t (+1.5% for the month) amid improving prospects for the soybean crop in the United States and accelerated planting in Brazil due to increased rainfall.

Today, the USDA will publish an updated world balance of oilseeds, which can increase the forecasts of soybean production in the United States and canola in Canada, which will increase pressure on the quotes.

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Tags: soybean oil, prices, soybean, rapeseed, crop forecast