For the front month of May, rapeseed on the Euronext/Matif went south by EUR 10.50 to a closing price of EUR 430.50/t yesterday. This continues the oilseed sell-off. Since the beginning of 2023, the May contract has lost 157 euros per ton. Due to the mild weather and heavy rainfall in many European growing areas, the EU forecasting service MARS expects a yield per hectare of 3.29 dt/ha for the coming harvest. That is 6 percent more than the five-year average, but slightly less than was taken from the fields in 2022. In addition to the good supply situation and the prospects for the coming harvest, soybean and vegetable oil prices weighed on rapeseed and canola yesterday. Soy also fell sharply yesterday. The contracts fell in double digits, in particular the dates for the coming harvest fell significantly. The reported precipitation in Argentina is one reason, but also increased estimates for Brazil by the local industry association Abiove clouded the mood of the stock market participants. According to Abiove, around 50 percent of the space has now been retracted, which is in line with estimates from other analysis companies.The USDA will release last week's weekly export figures today. Market participants do not have high expectations of these figures. The export euphoria due to the high corn orders from China seems to have evaporated on the soybean market.
Source
VR AGRICULTURAL
