EU rapeseed prices reached new highs as the February contact rallied through €800/T, setting new records after an unprecedented year of gains in 2021.
Vegetable oil prices made strong gains, supporting wider oilseeds following higher palm oil prices which reached 9 months highs as severe flooding in Malaysia is expected to lead to contracted supplies and stocks from the region.
This comes on top of recent production issues caused by labour shortages.
Crude oil prices continued to recover, helping to underpin oilseeds.
South American weather remains hot and dry with forecasts arid for Argentina for the next 10 days.
CBOT was under pressure as funds sold positions and markets look ahead to next weeks’ USDA report.