Despite weak targets for vegetable oils and Canadian canola, rapeseed prices on Euronext/Matif increased. The May date closed 4.75 euros higher at 555.25 euros/t. Follow-up contracts also went up significantly. The cash markets in Germany show stable to firmer price trends. Rapeseed meal is also increasing in some cases. Soybeans on the CBoT closed yesterday with slight green signs. The beans were supported above all by rising soybean meal prices. The March deadline for crushing on the CBoT climbed by $4.60/short ton to $504/short ton (515.30 euros/t). Soybean oil, on the other hand, gave way. The soybean harvest in Brazil is still making slow progress, and rainfall is still slowing down the pace of the harvest. According to the consulting firm AgRural, 17 percent of the ordered areas are currently retracted, compared to 24 percent last year at this point. US export shipments also provided support. Last week, 1.5 million tons of soybeans were exported, the main buyer was China with just over 1 million tons. Looking at the marketing year to date, US exporters have been able to ship around 1.6 percent more soybeans compared to the previous season.
Source
VR AGRICULTURAL
