Although rapeseed started the new trading week yesterday with a red sign, it was able to turn into profit during the course of the day. At the closing bell in May it ended up with a daily plus of 4.50 euros at 549.75 euros. Cash market sales in Germany are still at a low level, and the conclusion of contracts for the new harvest has also reportedly calmed down. The prices for rapeseed oil have also recently fallen. Oil buyers are holding back amid recent volatility, but also because of falling palm oil prices. The further demand from the biodeisel industry is also uncertain due to the embargo against Russian diesel that came into force on Sunday. Although crude oil prices ended the day yesterday with a green sign, prices for Brent and WTI have generally fallen since the beginning of the year. Rapeseed meal is stable after the recent price increase. The soy complex went south yesterday. Soybeans lost almost double digits and soybean meal also showed a clear price drop of 7.50 US dollars per short ton. As already suspected in yesterday's market report, the renewed tensions between the USA and China are causing upsets in the soybean market.The trading company StoneX even assumes that China could cancel orders for corn and soybeans that have already been placed because of the launch of a balloon. On the export front itself, however, the news tends to be positive. Last week, 1.83 million tons of beans were loaded, which is about 100,000 tons less than in the previous week, but also over 0.59 million tons more than in the same week last year. Overall, US exporters were able to export 37.9 million tons of beans this season, around 200,000 tons more than at the same time last year. China is the main customer with almost 63 percent of the export volume.
Source
VR AGRICULTURAL
