Tuesday's gains were partially recouped on Wednesday. Rapeseed lost EUR 2.75 in the front month of May and closed at EUR 558 per ton. Compared to Wednesday of the previous week, however, the May date is EUR 7.75 per ton higher. The lower numbers of animals in Germany are reflected in the production volumes of compound feed, as can be seen from the figures from the Federal Office for Agriculture and Food. While grain processing for compound feed declined, the use of oilseed meal was stable overall. However, significantly less rapeseed meal was processed. Compared to the previous year, the use of rapeseed meal fell by 7 percent to 2.4 million tons. The prices for soybean meal and soybeans showed some significant corrections yesterday. Profit-taking after the significant increase on Tuesday is primarily responsible, but the assumption that the record harvest in Brazil could significantly offset the lower volumes in Argentina also caused price pressure. The harvest in Brazil continues, but stalls again and again.As a result, relatively low export volumes for the South American country are evident. For February exports, the association of grain exporters Anec expects only 8.3 million tons instead of the previous 9.39 million tons. This development is mainly due to the faltering harvest. The somewhat stronger US dollar also weighed on soybean prices.
Source
VR AGRICULTURAL
