For the first time since March 2, the rapeseed contracts on Euronext/Matif closed yesterday with a green sign. Oilseed in the front month of May went north by 5.75 euros/t to 436.25. The local cash markets are reporting that there is almost no demand for rapeseed meal. Customers, it is said, are mostly well supplied with grist until the coming harvest. The International Grains Council estimates that the EU will reduce its soybean meal imports due to the declining pig populations, and that more rapeseed meal and sunflower meal should also be used in animal feed. Also with a green sign, Canola went out of trading yesterday on the ICE in Winnipeg. The May contract there rose by 15.2 Can dollars to 735.20 Can dollars/t. At the current exchange rate, this corresponds to a price of 495.92 euros/t and a daily profit of 10.25 euros/t. On the CBoT, soybeans posted their largest daily loss in a month yesterday. The May contract went south by 29 US cents/bu. US export bookings disappointed. At 350,000 tons, even the most pessimistic analysis estimates were undercut.The grain exchange in Buenos Aires has also not further reduced its soybean production forecast, recent rainfall seems to have stabilized the production perspective. Nevertheless, the grain exchange in Rosario expects Argentina to convert from a soy exporter to a soy importer in order to fully utilize soy meal production. Soybean meal fell $13.30/short ton yesterday to close at $438.30 (€445.06/t). Soybean meal was also recently offered and traded at reduced prices on the local cash markets.
Source
VR AGRICULTURAL
