Similar to wheat and corn, rapeseed shifted into forward gear again yesterday. The front month of May increased by EUR 7.75 to EUR 479.50/t. As the Union for the Promotion of Oil and Protein Plants announced yesterday, despite the better rapeseed harvest, the oil mills in Germany processed less rapeseed in the first half of the current marketing year. In the period from July to December 2022, around 4.5 million tons of rapeseed were processed by the oil mills, which corresponds to a minus of 5 percent compared to the same period last year. According to statements, the processing of other oilseeds by German mills has also decreased by around 11 percent compared to the previous year. Canola on the ICE in Winnipeg also rose. The USDA issued a statement on Canadian canola production for the upcoming 23/24 marketing year. Accordingly, the harvest should be 18.3 million tons. The USDA is therefore expecting a slightly lower harvest compared to the forecast from the Canadian agricultural authority, which last issued a forecast of 18.5 million tons. The Department of Agriculture in Canada will issue an initial crop estimate late next month. The soybean complex advanced above all three tradable products yesterday.In particular, the front month for soybeans increased by 9.50 US cents per bushel. Prices were driven yesterday by initial expectations and estimates based on the US Department of Agriculture's (USDA) monthly "Fats and Oils Report". Accordingly, a new monthly record could be set in February. The report will be published next Monday. The cultivation situation in Argentina is also increasingly becoming the focus of market participants. The latest forecasts for the country's harvest and import needs are driving prices. Above all, however, suppliers from Brazil and other South American countries such as Paraguay should benefit. Pre-market meal, beans and oil are showing slight losses today.
Source
VR AGRICULTURAL
