With clear double-digit losses, rapeseed said goodbye to day trading yesterday. The front month of May 2023 fell by EUR 14.25 per ton to EUR 499. The August contract was also slightly below the psychologically important €500 mark with the lock bell yesterday. The rapeseed supply in Europe is still good, the USDA had recently estimated global production somewhat better and the extremely good delivery capacity of Ukraine and hopes of an extension of the grain agreement continue to put pressure on oilseed. Until 5.3. In the current marketing year, 5.67 million tons of rapeseed, and thus 60 percent more rapeseed, were imported into the EU than in the previous year. So the market is currently well supplied, because our own European harvest is also much better than last year. Most recently, the EU Commission put the 2022 harvest at 19.59 million tons (previous year: 17.07 million tons). In addition, yesterday there were also negative specifications from the crude oil market, from the soybean market and palm oil was also seen this week with significant discounts in trading on the Kuala Lumpur stock exchange. CBoT soybeans also went red yesterday. The May date lost 7 cents/bu to 1,510.75 US cents/bu.In addition to the negative indications from the commodity markets in general, market participants were also disappointed by the weekly export bookings, which amounted to just 184,000 tons. This is the lowest export value since the beginning of the financial year. Losses were limited by news from Brazil. The agricultural authority Conab surprisingly lowered its estimate for the soybean harvest by 1.4 million tons to 151.4 million tons. On Wednesday, the USDA issued a Brazilian crop of 153 million tons in the WASDE. Soybean meal, on the other hand, gained slightly yesterday and closed at $486.90/short ton (505.50 euros/t.)
Source
VR AGRICULTURAL
