Rapeseed prices rose again on Friday. This was also due to the updated forecast of the International Grains Council (IGC), which estimates the sown area for the coming harvest to be 2.8% smaller. Less acreage is expected in Australia and Ukraine in particular. In the EU, on the other hand, acreage is likely to increase slightly, particularly in France, Germany and Poland. For all 27 member states, the acreage is expected to be 6 million hectares, as it was this year. Canola on the ICE in Winnipeg was also green on Friday, benefiting primarily from developments in soybean oil. The soy complex was friendly at the weekend. Speculative buyers, who used the recently more favorable level to re-enter, also have a share in this. On Thursday, the USDA was able to announce surprisingly good export figures, which were still having an effect on Friday. However, Chinese import data shows that previous concerns about falling soybean demand on the world market are not entirely unfounded. In October, the Middle Kingdom imported 19 percent less soy than in October 2021. The presented volume of 4.14 million tons is also the lowest value since 2014.In Brazil in particular, the Chinese bought less soy. Media reports surfaced again over the weekend that the Argentine government plans to introduce subsidized exchange rates for soybean exports in order to boost export demand and bring foreign currency into the country. Sowing in Argentina, meanwhile, remains difficult. A few showers fell, but this precipitation did not improve the situation in the long term.
Source
VR AGRICULTURAL
