Yesterday, rapeseed contracts on the Euronext/Matif went up again in small steps. February 2023, the most traded front month, increased by EUR 1.75 to EUR 571.25/t. The follow-up contracts were also able to go out of trading with a green sign. By December 4th, 2022, 3.10 million tons of rapeseed had been imported into the European Union. That is around 900,000 tons more than at the beginning of December 2021. Rapeseed meal imports are below the volume of the previous year. A few soybeans were also imported into the EU-27, but soy meal imports are more or less in balance with the previous year. With over 2.1 million tons, the Ukraine is the country of origin for around 70 percent of the imports. Australia, where harvesting work is in full swing, contributed around 23% to previous imports. The soybean market also provided support for the price development of rapeseed and Canadian canola. Soybeans on the CBoT rose again significantly yesterday. In the front month of January, the contract price rose by 14.25 US cents/bu to 1,486.25 US cents/bu. Converted, a ton of soybeans costs 516.19 euros/t. More optimistic expectations for soybean purchases from China continue to provide the impetus.The USDA was able to report several export sales yesterday, of the 836,000 tons at least 118,000 tons go to China. The total weekly export sales, which the USDA published yesterday, came in at 1.72 million tons, above market participants' expectations and provided corresponding support for export fantasies. The Brazilian agricultural authority Conab expects a soybean harvest of 153.48 million tons and has thus slightly lowered its own forecast.
Source
VR AGRICULTURAL
