Part of Tuesday's good price gains were made up for on Wednesday. The February contract on the Euronext/Matif lost EUR 5.25 per tonne, and the subsequent contracts fell more significantly in some cases. In addition to calm cash market activity, the price of crude oil, which fell significantly yesterday, put pressure on trading. The North Sea variety Brent lost US$ 4.52 per barrel in trading yesterday and thus cost US$ 78.52 per barrel. Competing vegetable oils such as soybean oil or palm oil also gave way and negative indications from the Canadian canola weighed on the price development on the Euronext in Paris. European rapeseed imports up to January 1st, 2023 reached a volume of 3.73 million tons (previous year 2.70 million tons). The high import figures, the relatively good delivery capacity of the Ukraine and the good European harvest ensure a good supply situation for the mills. Soybean also fell yesterday, soybean meal and soybean oil prices also fell. Primarily the falling crude oil prices had an effect on oilseed. But new rains in Argentina are also causing selling pressure.There are currently isolated showers in Argentina, but the medium-term weather forecast still points to hot and dry weather conditions. In Brazil, the soybean harvest is imminent. The weather conditions here are significantly better than in Argentina, so nothing should stand in the way of a record harvest in the South American country. The announcement of an export deal by the US Department of Agriculture caused a stir. An unknown buyer stocked up on 124,000 tons of soybeans. Soybeans are showing slight gains on the eCBoT premarket today, and soybean meal is also correcting higher in premarket trading.
Source
VR AGRICULTURAL
