Oilseed Markets Soar on Rising Energy Prices and El Nino Concerns
The International Grains Council reported that oilseed markets have strengthened in recent weeks due to rising world energy prices and weather concerns linked to El Nino.
The council attributed the overall gain of 7% in soybean values compared with the prior month to comparable advances across all major origins, driven by solid local and international buying interest.
Rapeseed values were also stronger, with ICE canola futures in Canada posting a net monthly gain of 1%, despite two-sided trading activity tied to volatility in energy and vegetable oil markets.
The Food and Agriculture Organization reported that world vegetable oil prices in August were 0.6% above their July level, the highest reading since June 2022, due to higher world palm and soy oil prices.