Rapeseed area increases by 7.6 percent in Germany

In the overall positive environment for agricultural goods, rapeseed prices on the Matif also increased significantly yesterday. The February contract went northwards at EUR 16.50/t, the other contract dates also increased in double digits. The report by the Federal Statistical Office on the areas under cultivation for winter rape this autumn did not change that. Farmers in Germany have sown rapeseed on an area of around 1.2 million hectares. The area under cultivation has thus increased by another 81.90 hectares, which corresponds to an increase of 7.6 percent over the previous year. According to the statisticians, the largest area under cultivation is in Mecklenburg-Western Pomerania, which was also the largest rapeseed grower of all 16 federal states last year. The largest increases in area were in Saxony-Anhalt and Lower Saxony. Soybeans were also up yesterday, but didn't show the price action of other soft commodities. The weather and the weather forecast for Argentina continued to provide support. However, since Chinese soybean imports also fell significantly in November, the upward price movement was limited.Soybean meal also rose, closing up USD 3.60 at USD 456/short ton. Market participants are still awaiting the publication of the weekly export figures by the USDA today.