Rapeseed prices have fallen significantly this week due to falling oil prices, industry analysts say, Dutch portal Nieuwe Oogst reported on August 6.
Rapeseed prices on the Groningen Grain Exchange fell by 5 euros this week to 460 euros per tonne. Prices on the futures markets are also falling significantly. At the beginning of this week, the Paris Stock Exchange was still below the Groningen price.
The reason is the stock market crisis due to fears of a recession in the United States, according to experts. In particular, the Japanese stock market fell, but other stock markets also fell sharply.
Despite tensions in the Middle East, oil prices have been under pressure for some time now. This was mainly due to low demand from China. Concerns about a recession in the United States caused a further drop in oil prices to $76 (6.45 thousand rubles) per barrel of Brent crude oil earlier this week.
Analysts are certain that the price of rapeseed is also affected. Suddenly, almost 20 euros were deducted from the price and the November contract on the Paris Stock Exchange fell to 453.75 euros per tonne. On Tuesday 6 August, the price of oil recovered slightly, but rapeseed prices still did not seem to follow suit: at the start of the day the price was 2 euros lower than on Monday, at 451.75 euros per tonne.
Source: Rossa Primavera
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