The rapeseed oil price has increased around EUR 190 pmt in 2 weeks.
October 11th, 2021
It has reached EUR 1540 pmt FOB ARA for November contract. Meanwhile, the price of rapeseed on Euronext for November delivery is EUR 676 pmt. The reason behind this strong rise in price could be explained by the drop in rapeseed harvest/stocks and strong demand especially in autumn/winter for the consumption of biodiesel (rapeseed oil cold filter plug point CFPP is minus 12°c). On the other hand, producers of biodiesel will tend to use less and less palm and soybeans in Europe for sustainability reasons. The increase in crude oil price also leads to an increase in vegetable oils’ price. Indeed, around 15% of the triglycerides available in the world are used to make biofuels, hence the price of petroleum and oils more or less follows each other.
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