Raps went down again yesterday. With a loss of 6.50 euros/t, the front month of February has returned to the course with which it started the new year. In a statement by the Ukrainian Minister of Agriculture, he assumes that farmers in Ukraine will increasingly rely on oilseeds such as rapeseed, soybeans and sunflowers for spring sowing. Due to the higher prices and lower logistics costs, the cultivation of oilseeds is currently more attractive for Ukrainian farmers than, for example, the cultivation of grain. In Germany, the Union for the Promotion of Oil and Protein Plants expects that palm oil from biodiesel production will disappear in the medium term. A new regulation, which has been in force since the beginning of the year, excludes palm oil-based fuels from being counted. Accordingly, the demand for rapeseed oil for biodiesel production is likely to increase. Soybeans on the CBoT fell significantly yesterday. Rainfall in Argentina caused corresponding selling pressure. The country starts harvesting from April, so the rainfall comes at the right time.Soybean meal was able to gain slightly yesterday and rose by 2.20 US dollars to 464.90 US dollars/short ton in the March contract, which is the equivalent of 486.11 euros per ton. In the run-up to the publication of the weekly export sales, there is a wide range of analyst estimates ranging between 400,000 tons and 1.2 million tons. Support for the market as a whole came from crude oil prices yesterday. After significant losses since the turn of the year, these ended the trading day with slight gains. WTI was up $0.93 yesterday to $74.53 a barrel.
Source
VR AGRICULTURAL
