After the clear increases on Monday and Friday, rapeseed went south again yesterday. Profit-taking after the strong increase of the previous days ensure corresponding selling pressure. Overall, the vegetable oil markets were divided yesterday. Canola in Winnipeg, for example, hardly changed and closed at 777.30 can dollars (527.61 euros/t) with an increase of 0.90 can dollars per ton. While the rise in crude oil prices continued yesterday, it was less pronounced than the previous days. Overall, trade is being weighed down by emerging global economic and inflation concerns due to OPEC+'s output cutbacks. Soybean prices on the CBoT also corrected yesterday. The front month of May lost slightly, dates of the coming harvest suffered larger losses. With dry and warm weather forecasts for the Midwest, soybean planting in the US, which is about to begin, should make good progress, which is putting pressure on the price structure. Added to this is the negative mood on the financial markets due to the possible economic prospects. The news from Brazil also weighed on the mood.According to the agricultural authority there, 76 percent of the area has now been harvested, which is another six percent more than a week ago. In addition, 13.27 million tons of soybeans were exported in March. Not only the soybeans gave way yesterday. Soybean oil also lost 0.94 US cents/pound to 55.74 US cents/pound (1,121.53 euros/t). Soybean meal in the front month of May lost USD 6.80 to USD 457.40/short ton, which corresponds to a converted rate of EUR 459.20 per ton. The local cash markets have recently seen firmer prices compared to the end of March. Soybeans and soybean meal are also in the red this morning in premarket electronic trading on the Chicago Stock Exchange.
Source
VR AGRICULTURAL
