Undeterred, the rapeseed contracts on the Euronext/Matif continued their downward trend at the beginning of the new trading week. The quotations on the spot markets in Germany do the same. Little has changed in terms of the reasons. Large quantities of rapeseed arrive in Europe from the Ukraine, and Eastern European countries are also increasingly creating competition within the continent. Added to this is the euro exchange rate, which has firmed up again, and the good harvests in Europe itself, as well as in Canada and Australia. In an initial forecast for this year, Canada's Ministry of Agriculture expects a canola harvest of 18.5 million tons, which is 300,000 tons more than in the previous year. The farmers in the North American country have expanded the areas under cultivation for the oilseed. The weak specifications for the soy complex are also causing sales pressure for rapeseed. The soy complex itself showed its red side yesterday. Beans and grist gave way, only oil experienced small increases. On the soybean market, too, the fundamental reasons for the decline have changed little. The weather forecast for drought-stricken Argentina has improved significantly.Harvesting work has also started in Brazil, and 1.8 percent of the cultivated areas have currently been harvested. According to estimates by the Brazilian analysis company AgRual, the country's soybean exports are likely to increase significantly. Instead of the 78.9 million tons from the last harvest, 93 million tons are likely to be loaded for export this year because of the record harvest. Last week's US export shipments were down slightly on the previous week at 1.8 million tons. Overall, soy exports lagged behind slightly compared to the previous year.
Source
VR AGRICULTURAL
