Rapeseed climbed above the 600 euro/t mark again yesterday. With a closing price of 605.75 euros/t, November rose by 25.75 euros/t over the course of the day. Canada's canola harvest is progressing, but is taking a backseat to political tensions surrounding Russia's Ukraine campaign. Canola also increased significantly in Winnipeg yesterday. Few lots are currently being traded on the spot markets in Germany. Producers in particular are often reluctant to sell. Soybeans on the CBoT also fell yesterday. The International Grains Council has reduced its forecast for global soybean production by 2 million tons, but still expects a soybean harvest that is a good 10 million tons higher than in the previous year. The continued rise in the US dollar following the recent FED decision to raise interest rates also weighed on sentiment on the CBoT. At 446,000 tons, the weekly export figures are almost 50 percent lower than last week and also caused price pressure. Traders are eagerly awaiting the next release of US harvest data, due to be released by the USDA early next week. The beans are also showing signs of red before the trading day.
Source
VR AgrarBeratung AG
