Rapeseed remains on the downtrend. Yesterday the May date lost another 7.75 euros/t. Wholesale prices are also falling significantly on the cash markets. Rapeseed franko Ölmühle Hamburg is still being offered for delivery in May at 482 euros/t, in Straubingen it is 479 euros/t and fob Mittelandkanal 481 euros per ton. Just last week, these prices were all above the EUR 500/t mark. The brisk EU imports continued to put pressure on price developments. The extension of the so-called grain agreement agreed last night shouldn't change that either. Since Black Sea deliveries began in July, Ukraine says it has exported around 23 million tons of agricultural goods via the three ports, including 5 million tons of rapeseed. There is still little demand for contracts for the new harvest, and the field stocks are well developed in almost all places. The negative signs in the soy complex also weigh on rapeseed. Although the export shipments published by the USDA show an increase compared to the previous week, the weekly export figures are still below the average of the last few weeks. Soya exports' lead over the previous year's result has shrunk to 1 million tons.There was no news from South America yesterday. Everything stays the same here. In addition to the sharp decline in soybeans, soybean meal also fell significantly. At the end of the day, the May contract for grist closed with a loss of USD 6 and a closing price of USD 479.30/short ton (EUR 498.08/t). Declining crude oil prices and significantly negative prices for palm oil also ensured that soybean oil fell significantly yesterday.
Source
VR AGRICULTURAL
