Rapeseed fell slightly yesterday and closed Thursday trading in the front month at 660.00 euros/t. In its most recent forecast, the International Grains Council (IGC) expects this year's global rapeseed harvest to be 84.5 million tonnes, which is around 2.2 million tonnes more than experts had previously expected. The previous year's result would thus be exceeded by 11.5 million tons or 15.6 percent. For Europe, the IGC expects 19.3 million tons, the EU Commission estimated the harvest at the end of October at 19.5 million tons. Soy dropped across the board yesterday, with beans and meal down as well as soybean oil. Profit-taking is also blamed for this, but export sales, which were at the lower end of dealer expectations, also weighed on the mood. The strong US dollar is also triggering concerns about export development. According to analyst firm Safras & Mercado, Brazil's soybean seeding is currently 47% complete, indicating that farmers are making rapid seeding progress.
Source
VR AGRICULTURAL
