Yesterday, Tuesday, rapeseed contracts on the Euronext/Matif fell by double digits. The front month closed the trading day with a settlement of 519.50 euros/t. Since the beginning of the year, rapeseed for delivery in May has lost 68 euros per tonne. By March 7th, 2.13 million tons more rapeseed were imported into the EU compared to the same period last year. The import counter is currently at 5.67 million tons, in the previous year at the same time there were 3.59 million tons in the import statistics of the EU Commission. Rapeseed meal imports are also above the value of the previous year, but the difference is not that big here. What is particularly striking is that the EU has imported significantly more sunflowers and sunflower meal. Canola in Winnipeg was also weaker yesterday, dragged down primarily on negative trends in soybean and matif canola. Soybeans saw technical selling and profit-taking in particular yesterday. But negative influences from the financial market and crude oil also had an amplifying effect on the downward trend in soybeans.The import statistics published yesterday in China show that China significantly increased its soy imports in the first two months of the new year compared to the previous year. In the run-up to today's WASDE, market participants are expecting a significant cut in production in Argentina. Soybeans and soybean meal are trading at slight losses pre-market today.
Source
VR AGRICULTURAL
