The weak environment for oilseeds yesterday hit rapeseed prices again. The most traded May contract on the Paris stock exchange lost 3.25 euros/t and closed yesterday at 540.25 euros per ton. On the other hand, fob prices for rapeseed from Australia have increased. Were for Australian oilseed rape on 11/30. still quoted as $712/ton, as of January 18 it is $741/ton fob. The bottom line is that export prices in Canada have not changed during this period. The Ukrainian fob prices also remained constant. As of January 17, EU importers imported 4.24 million tons of rapeseed. In the current financial year, around 60 percent of this comes from the Ukraine, while Australia contributes around a third of the European import volume with 1.3 million tons. Canola also fell on the ICE in Winnipeg yesterday, but the price losses here were more pronounced than in Europe. The soya complex also went out of trading yesterday with a red sign. Both beans, as well as meal and oil gave way. The main factor behind the selling pressure is the better weather forecast for Argentina. Rain has already fallen and more rain showers are forecast for the coming week.Soybeans are still being sowed in the country for the coming harvest, 88 percent of the planned areas have been cultivated, but only 4 percent of the areas are seen to be in good or very good condition. Due to the public holiday on Monday, the weekly export bookings for soya will only be published this Friday. The analysts expect a wide range between 0.6 and 1.2 million tons of soybean bookings. The rebound in crude oil prices gave no support to oilseeds yesterday. WTI and Brent rallied north yesterday on hopes of better demand from China. Brent is trading at $80.49/barrel.
Source
VR AGRICULTURAL
