26.
07.22
08:32

Canola with losses - soy with gains

Rapeseed closed yesterday with a daily loss of EUR 5.75 in the November date. Matif rapeseed contracts followed the lead of Canada's Canola and the recent decline in the price of competing vegetable oils. Soya, on the other hand, rose again yesterday and is also stronger premarket today. In addition to weaker status assessments (see below), renewed heat is evident in the most important growing areas after the rains of the past few days. As a result, traders are expecting US inventory health assessments to continue to deteriorate. However, weaker export shipments held back gains. In the USDA's most recent Crop Progress Report, the department downgraded soybean health ratings slightly. Instead of 61% as in the previous week, 59% are now classified in the two best evaluation classes. At the same time in the previous year, 58% were rated "good to very good". 64% of the stands are flowering, which is 5% less than the five-year average at the time. The number of plants that have already set pods is also lower. As of 24.7. that was 26%, the long-term average as of this date is 34%.As a result of the report, soybean prices rose on the CBoT and are also showing a green premarket sign today.

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Source
VR AgrarBeratung AG
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