Rapeseed continued its recovery for the second day in a row and was able to increase in the May contract by a very significant 20.75 euros/t to 457 euros/t. This indicates that the opinion of individual market participants on an oversold rapeseed market could be correct. The follow-up contracts also increased near the 20 euro mark. In Winnipeg on the ICE, Canola was also able to improve and, in addition to the positive signals from Europe, also benefited from rising soybean prices and a friendlier mood for vegetable oils overall. The industry association Coceral expects a larger amount of oilseed with the coming European harvest. At around 20 million tons, the rapeseed harvest is likely to be around the same level as last year, but sunflower production in particular should be significantly better, the association expects 2 million tons more than in 2022, and European soybean production is also expected to be up 500,000 tons compared to the previous year grow. The soy complex was up overall on Friday. However, fundamental reasons were less responsible for the price gains. The good mood on the agricultural markets as a whole also caused beans, meal and oil to climb northwards.According to a survey by the consulting firm Farm Futures, US farmers are planning to expand their soybean acreage by around 2.5 percent compared to the previous year. The grain exchange in Buenos Aires left its soybean production forecast unchanged at 25 million tons on Friday. Soybeans and soybean meal are down slightly premarket today.
Source
VR AGRICULTURAL
