With a very clear EUR 19.25 per tonne, the February date on the Euronext/Maitf went south yesterday. The much better global supply situation is putting pressure on price developments. Crude oil prices also fell more significantly yesterday, so even the very positive indications for soybean rapeseed could not offer any support. Prices on the local spot markets have also largely fallen below the EUR 600/t mark. Franko Ölmühle Hamburg is currently quoted at 590 euros/t, in Straubingen it is 594 euros/t and in Rostock 588 euros/t. Rapeseed meal is also lower over the course of the week. The International Grain Council had recently expected a global harvest of 84 million tons, in particular due to significantly better harvests in Europe (+2.2 million tons) and Canada (+5.3 million tons). The soy complex showed its friendly side yesterday. The beans gained 6.25 US cents/bu in the January term and ended the trading day at 1,436 US cents/bu. Soybean meal gained $1.10 to close at $409.70/short ton (€431.41/t). Brazil plans to increase the proportion of biodiesel in fuels from the current 10 to 15 percent.Soya, in particular, is used to produce biodiesel, so demand should increase significantly. The USDA reported an export sale of 110,000 tons of soybeans to a buyer from China yesterday. The US dollar is currently losing strength, so that the US export attractiveness is somewhat better again.
Source
VR AGRICULTURAL
