After the very clear gains in rapeseed on Wednesday, things went north again in small steps yesterday. The front month of February 2023 closes one euro higher at 573.75 euros/t. A similar development was also evident with the Canadian Canola on the ICE in Winnipeg. It went up by 4.80 Can dollars to a converted closing price of 596.38 euros/ton. The recently weakened Can-Dollar increases the competitiveness of Canadians. The Union for the Promotion of Oil and Protein Plants recently estimated the German acreage at 1.1-1.13 million hectares, which is just below the figures in the recently published report by the Federal Statistical Office. As a result of the strong price gains on the Euronext/Matif, the prices on the local cash markets also went north again, although the rapeseed trade is currently still poor. New rain forecasts in Argentina and Brazil put soybeans and soymeal under pressure yesterday. To the surprise of market participants, the weather forecast for Argentina in particular has changed, and precipitation has been announced for the Christmas holidays.Beans lost double digits and soybean meal ended the day down $4.40 a short ton. Disappointing US export sales added pressure. The USDA reported export sales of 736,000 tons last week, down 2.2 million tons from the previous week. The estimates of the analysts in advance were thus far below. On the spot markets in Germany, prices for soybean meal and rapeseed meal have remained largely unchanged.
Source
VR AGRICULTURAL
