The November front month rose again significantly yesterday and closed Tuesday trading at 602.75 euros/t. The rapeseed contracts thus remain volatile and are hovering around the often-mentioned EUR 600 mark every day. The canola crop in Canada continues to progress well, contracts on ICE gained on positive guidance in EU canola but failed to gain to the same extent on impacts in soy. Soybeans were also very volatile yesterday. US harvest data shows work is well behind the five-year average. At the moment only 8 percent are broken in, usually at this point it is already 12 percent. However, the initially positive price movements turned around again at the end of the trading day due to improved weather conditions and the start of Brazilian soybean sowing. Here the farmers are making rapid progress with the sowing, as several private analyst firms report unanimously. Crude oil prices rose sharply yesterday. Brent surged over $2.38, fundamentally supporting oilseed markets. Pre-market signs are red for the beans today.
Source
VR AgrarBeratung AG
