Rapeseed remains on the downtrend. Yesterday, the front month of February went south by EUR 13.50 per tonne, and the follow-up contract for May 2023 also closed correspondingly lower at EUR 571.75 per tonne (-11.25 euros per tonne). The good global supply of rapeseed and the recent decline in prices for vegetable oils are currently putting rapeseed under pressure to sell. Canola in Winnipeg was also red, losing $10.30 a ton. Converted, canola is quoted at EUR 597.32 per tonne in the March contract, but still significantly higher than rapeseed on the Paris Euronext/Matif. Sales on the local cash markets are still quiet, and rapeseed is still mainly traded for the coming harvest. After the clear increase on Friday, soya was able to start the new week with positive signs yesterday, Monday. In the end, however, profit-taking also set in, so that the majority of delivery dates had a red sign at the end of trading. The market was supported, among other things, by solid US export shipments. In the first week of January, 1.4 million tons of beans were loaded for export, only slightly less than in the last week of December. The Brazil, the farmers started with the soybean harvest.Due to persistent rainfall in the province of Mato Grosso, however, the soybean harvest is unlikely to pick up speed as quickly as usual at this time. Soybean meal gave way yesterday. The front month of March lost USD 7.30 per short/ton and closed at USD 470.30/short ton, which corresponds to a converted rate of EUR 481.53/t. The soybean meal prices on the local cash markets are also firmer at the beginning of the week. from the Hamburg station, 563 euros/t are quoted for prompt deliveries. 575 euros/t are quoted from the Mainz station.
Source
VR AGRICULTURAL
