The recovery in rapeseed contracts continued undeterred yesterday. The front month of August rose by EUR 19 per ton and is quoted at EUR 854.50 per ton. There are only few rapeseed sales on the spot markets, so the spot market prices hardly move at all. Rapeseed meal is also offered unchanged in a weekly comparison. Canola was also able to finish the correction in Winnipeg. The July term gained Can$16.50 per ton. The main reason for the canola rebound is the uncertain growing conditions for the upcoming season, particularly in the eastern growing regions. There was little movement in the soy trade yesterday. Traders seem to be mostly on a wait and see approach ahead of WASDE on May 12th. With a daily plus of 6.50 US dollar cents, however, things went north, which is mainly due to good export figures. The Argentinian farmers are making good progress at the weekend. The grain exchange in Buenos Aires expects a harvest of 42 million tons of soybean.
Source
VR AgrarBeratung AG