The setbacks are smaller than in the last few trading days. Nevertheless, rape went down again yesterday. The most traded May contract lost EUR 1.25 per tonne and closed at EUR 481.50 per tonne. Yesterday, rapeseed was negatively influenced by both the significant setbacks in Canadian canola and developments in the soybean complex. The German Raiffeisen Association (DRV) announced yesterday that it expects an area under cultivation in Germany of 1.16 million hectares. With a hectare yield of 36.4 dt/ha, which is slightly below the previous year, a production of 4.23 million tons is expected. This would mean that the German harvest would be around 1.1 percent below the harvest in 2022. The area under cultivation has increased by 7.5 percent, primarily at the expense of grain. According to estimates by the DRV, the area under cultivation is likely to have increased significantly, especially in Lower Saxony, Baden-Württemberg and Saarland. Until 12.3. In the current marketing year, the EU countries have imported 5.75 million tons of rapeseed. At the same time last year it was 3.66 million tons. With the exception of soybean oil, soy products showed red signs at the CBoT yesterday.Falling prices for crude oil and renewed uncertainty on the financial markets due to the impending difficulties at the major bank Crédit Suisse are given as reasons. But the brisk harvest in Brazil and the increased supply of soybeans on the world market also weighed on the mood of market participants yesterday.
Source
VR AGRICULTURAL
