On Friday, the rapeseed contracts in Paris showed a small counter-movement to the otherwise weak market environment. The front month rose by EUR 1.50 to EUR 560/ton. Nevertheless, a minus of 5.50 euros remains for the February contract on a weekly basis. The Grains Administration of Canada reported exports of 278,500 tonnes for the week ended December 11, up 18 percent from the previous week. Still, canola contracts on ICE in Winnipeg dipped slightly, losing $1 canola. At the equivalent of 590.25 euros/t in the front month, Canadian canola is still more expensive than European rapeseed. With the exception of soybean oil, the soybean complex was overall positive on Friday. Soybeans gained 6.50 US cents/bu in the most traded January contract, soybean meal gained 7.70 US dollars to $463.00/short ton (480.25 euros/t). The grist quotations in particular are fueled by the continuing difficult situation in Argentina. The country in South America is the world's largest exporter of soybean meal, but since the acreage and yield in Argentina are severely affected by the drought, US exporters are hoping for better export demand for US products.The sowing of Argentinian soy is now only 50 percent of the targeted area, on average 68 percent of the area has already been sown shortly before Christmas.
Source
VR AGRICULTURAL
