Once again, rapeseed was clearly on the up. The front month of May on the Euronext/Matif started the Holy Week with a gain of EUR 14.25. At the closing bell, a price of 490 euros/t was on the exchange rate slip. Canola on the ICE in Winnipeg also increased significantly. The further rise will be supported by the crude oil markets. WTI and Brent each gained over $5 a barrel after OPEC+ announced it would cut production. Vegetable oils in particular benefited from this. Different prices are reported from the cash markets, in the north the traded prices are probably somewhat higher than in the south and south-west. The new crop is increasingly becoming the focus of traders, but preliminary contracts are still being closed with caution. Soybeans were also impressed by the crude oil rally and made repeated significant gains. At the end of the trading day, the display board showed a closing price of 1,522 US cents/bu (512.88 euros/t) and a daily gain of 16.50 US cents/bu. For soybean meal, on the other hand, most prices fell slightly yesterday. The May contract on the CBoT closed $1.80 lower at $464.20/short ton (EUR 468.26/t). Soybean oil rose to 56.68 US cents/pound (1st145.95 euros/ton) also increased significantly. In addition to developments in the crude oil market, Friday's USDA inventories and acreage figures continued to support market developments yesterday. Processing figures from the USDA's "Fats & Oils Report" show a new February record. With 177 million bushels, even the optimistic estimates of the analysts were exceeded and additionally fueled the rally. On the other hand, most of the weekly export shipments were disappointing and slowed down the price growth a little. The government in Argentina plans to reintroduce the so-called soy dollar tomorrow, Wednesday. In this way, it guarantees soybean exporters a fixed exchange rate to the US dollar. As with previous soy dollar measures, the goal is to boost the country's foreign exchange reserves. The government intends to use this measure to build up foreign exchange reserves of up to 15 billion US dollars.
Source
VR AGRICULTURAL
