After a strong start to the new week, there was no uniform development in rapeseed contracts yesterday on the Euronext/Matif in Paris. While the February date was traded for the last time yesterday and closed 1 euro lower, the new front month of May rose marginally. Especially with the increases in the past week, rapeseed was able to significantly reduce its interim loss compared to the first trading day in January on a monthly basis. However, the new front month of May 2023 lost significantly throughout January. On a monthly basis, a minus of 36.25 euros/t remains. Canola in Canada was up slightly yesterday. The price development here is limited by the Can dollar, which has recently strengthened again, making export prices more expensive compared to other exporters. Although soybeans started yesterday with a clearly red sign after Monday's strong price gains, they were able to save themselves in the profit zone at least in the two front dates at the end of the trading day. Overall, however, soybean contracts closed mixed. Later contracts lost minimally. Support continues to come from the changed weather forecast from Argentina. Prolonged drought is forecast again after heavy rainfall.It is particularly dry in the southern parts of Brazil, so that the harvest here is hesitant. Market participants are eagerly awaiting today's release of the US Department of Agriculture's (USDA) Fats and Oils Report. It is expected that around 10 million bushels less were processed in December 2022 than in December of the previous year. At that time, with a throughput of 198.2 million bu. reached a record.
Source
VR AGRICULTURAL
