Canola fell sharply yesterday, failing to benefit from the rally in the soybean complex. Here, too, the prospects of an extension of the grain agreement are having a price-lowering effect. The front month closed at EUR 529.75, EUR 8.75/t lower than on Friday. The rapeseed supply in Europe is still extremely good. Only a few quantities are traded on the spot markets, but market participants expect increased demand for rapeseed from April 2023 from German oil mills. The fact that the quantities of the old harvest are manageable could cause prices to rise if demand starts to rise. The soybean complex continued to benefit from the drought situation in Argentina and the fact that Brazilian farmers sold significantly fewer beans compared to the previous year is a slight tailwind. Soybean meal gained SU$12.10 yesterday to $493.40/short ton (EUR 508.11/t). This development was also reflected recently on the domestic cash markets. Soybean meal prices in Neuss and Hamburg have recently increased. Soybean gains were limited by rather disappointing US export shipments. In the last week 542,238 tons were loaded, in the previous week it was still 765,215 tons.
Source
VR AGRICULTURAL
