ICE rapeseed futures rose after the holidays due to the strengthening of oil prices in the global markets.

ICE rapeseed futures soared after the holidays, with July contracts rising by $4.10 to $665.20 per ton, and November contracts up by $4.70 to $685.60. Prices aligned with other vegetable oils following a correction prompted by high demand and plantings.

23 May 2024

On Tuesday, rapeseed futures on ICE rose after an extended holiday weekend. This was thanks to a significant increase in global vegetable oil prices on Monday when rapeseed futures were paused due to Victoria Day.

The most active July rapeseed contracts rose by $4.10, reaching $665.20 per ton. And rapeseed prices in November increased by $4.70, reaching $685.60 per ton.

Rapeseed futures now reach the levels of competing markets for vegetable oils and other oilseed crops, which sharply rose on Monday and slightly declined on Tuesday. Farmers in the prairies are busy with planting, which restrains hedging-related sales and supports futures prices.

Commodity funds also hold a significant short position in rapeseed futures. The closure of short positions on Tuesday led to price increases. At the same time, large stocks of last year's rapeseed crop limit the growth, traders note.

Euronext rapeseed futures in August rose by 1.1%.

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ICE rapeseed futures rose after the holidays due to the strengthening of oil prices in the global markets.

ICE rapeseed futures soared after the holidays, with July contracts rising by $4.10 to $665.20 per ton, and November contracts up by $4.70 to $685.60. Prices aligned with other vegetable oils following a correction prompted by high demand and plantings.

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