Oilseeds showed negative signs yesterday. Rapeseed corrected by 14.50 euros/t and thus fell back below the 600 euros/t mark in the front month of November 22. Canola also lost slightly on the ICE in Winnipeg. The Canadian canola crop is revised down to 19.1 million tons by the local statistics agency. That's a drop of 400,000 tons from the last estimate. The expectations of the market were thus largely met in advance. Soybeans and soybean meal traded south on the CBoT yesterday. The soybean rally after the WASDE seems to be correcting itself a bit. In addition, concerns about the global economy and declining bookings from China were an issue again yesterday. Soybean exports in Argentina continue to pick up speed. Farmers are selling larger and larger parts of their inventories. The better exchange rate guaranteed by the government promotes the willingness to sell. The country itself would like to export 44 million tons of soybeans this year. US soybean oil contracts also fell. Soybean oil contracts also lost in the wake of a correction in beans and palm oil. The December date closed 1.86 US cents lower at 64.87 US cents/pound (1,436.82 euros/t)
Source
VR AgrarBeratung AG
