The rapeseed contracts on the Matif in Paris closed yesterday inconsistently. The front month increased slightly by EUR 2.75 to EUR 633.00 per tonne, while the later contracts showed slight losses. In the WASDE report, the US Department of Agriculture expects a higher global canola harvest compared to the September estimate. The harvest forecast was increased by 650,000 tons to almost 84 million tons. The global forecast is being raised, in particular because of the good EU rapeseed harvest. The soy complex gained more sharply yesterday. Despite the WASDE report's upward revisions to production and ending inventories, Chicago contracts rose. Lower soybean production is expected for the USA than before, while a crop forecast of 152 million tons (+3 million tons compared to the September WASDE) is now expected for Brazil. Soya also received support from the export front yesterday. The USDA reported a private sale of 526,000 tons to a buyer in China. This is the biggest single sale so far this season. Soybean meal also increased and was quoted at the equivalent of 469.36 euros/t in the front month.
Source
VR AGRAR
