Rapeseed at the Euronext/Matif in Paris was able to interrupt the sell-off yesterday. The contracts started the first trading day of the new week with a slightly green sign. The front month of February closed 1 euro higher at 567.75 euros/t. Yesterday, rapeseed was able to benefit above all from the specifications from Canada. As reported, the Canadian statistics agency estimated this year's production at 18.17 million tons. Market participants, on the other hand, had expected a harvest that would be around 1 million tonnes higher. On the ICE in Winnipeg, canola gained $9.70 and closed the month of January at a converted rate of EUR 601.30/t, making it significantly more expensive than European rapeseed. On the other hand, soybeans on the CBoT were slightly red yesterday. Soybean meal, on the other hand, rose sharply yesterday and closed with a daily gain of USD 8 at USD 432.10 per short ton (EUR 452.67/t). Soybean oil continued the downtrend of the past few days and closed lower. Both the prospects for Argentine soybean production and hopes for exports to China were responsible for the increase in beans.The Middle Kingdom is partially easing the very strict corona measures and is thus supporting the hope that the recession in the country will not be so severe. The USDA also reported that China had ordered 130,000 tons of soybeans from the USA. At 1.72 million tons, weekly export shipments are significantly lower than in the previous week, when 2.23 million tons were still on the American export slips. According to the analyst firm AgRual, Brazilian soybean sowing is 91 percent complete in Brazil. So the sowing progress is 3 percent behind the previous year, especially in the western growing areas heavy rainfall hinders the sowing.
Source
VR AGRICULTURAL
