Canola contracts rose for the second day in a row yesterday. However, just like on the grain markets, the main causes were the situation on the Black Sea and the Russian attacks on several Ukrainian cities. The November date gained 13 euros/t and closed the first trading day of this week at 642.50 euros/t. On the cash markets, rapeseed prices have recently continued to rise and made producers more willing to sell. In the meantime, more and more business is being concluded for the coming year. Both supply and demand extend to almost all delivery months up to and including June 2023. Soybeans on the CBoT also gained ground yesterday. Soybean meal also climbed to US$ 405.70/short ton (EUR 441.30/t) with a daily gain of US$ 5 per short ton. While fundamental news suggests falling prices rather than gains, soybeans were supported by strong developments in the corn and wheat markets. In addition, the dealers are positioning themselves for tomorrow's WASDE. It is expected that the USDA will increase either the yield per hectare or the acreage. Overall Chinese demand for soybeans remains uncertain.Recently, there has been speculation that imports in China could reach their lowest level in more than two years in October.
Source
VR AGRAR
