Rapeseed failed to find a consistent direction on Tuesday after the rally of the last few days. The front month of May ended trading unchanged at 471.75 euros/t. Canola, on the other hand, once again made strong gains. Up to last Friday, 6.18 million tons of rapeseed (previous year 3.90 million tons) were imported in the current financial year. A little less than half of the volume comes from the Ukraine, with Australia remaining the second largest supplier, as in the previous year. The soy complex was able to increase significantly overall yesterday. Soybeans were down 25.50 US cents to 1,467.75 US cents/bu northbound. Soybean meal improved by USD 11.90 to USD 457.90/short ton (EUR 464.40/t) and soybean oil also showed significant price gains again. The tailwind for soybean prices comes primarily from crude oil, which was able to increase again significantly, albeit to a small extent, yesterday. In addition, market participants expect current US soybean inventories to be lower. The USDA has announced new figures for Friday and will also comment on the current sowing progress in the US states.The threatened crop failure in Argentina prompted the grain exchange in Rosario to adjust its estimate for Argentina's soybean import volume upwards to 7.9 million tons, which would be two and a half times the import volume compared to the previous year. The lion's share is likely to come from Brazil, where the harvest is currently 71 percent complete and is therefore 6 percent behind the harvest pace of the previous year.
Source
VR AGRICULTURAL
