Contracts on Euronext/Matif increased again yesterday. The new front month of February 2023 rose by EUR 6 per ton and closed the trading day at EUR 671.00. The positive indications for soybeans and the burden caused by Russia's exit from the grain corridor are also the main reasons for the price increase for oilseed. The rising prices for crude oil and palm oil give additional impetus to the Matif. Canola in Winnipeg was up only marginally yesterday. The soy complex was also up yesterday. Soybeans in the January contract rose to the equivalent of 538.13 euros/t. Soybean meal fell slightly after the most recent price increases over the past few days and, converted, costs 428.80 euros/t in the December contract. The election results in Brazil are causing concern and thus price support. Opponents of the election winner blocked important highways and port accesses in protest. Although soybean sowing in Brazil has recently picked up speed, it is not progressing as quickly as last year. On the other hand, Brazil was able to export slightly more goods in October with 4.06 million tons of soybeans than in October 2021. Soybeans are slightly down pre-market today.
Source
VR AGRICULTURAL
