The prices for rapeseed on the Euronext/Matif yesterday fell slightly. The front month of February closed 1.25 euros lower at 562 euros/ton. Looking at the USDA's last WADE, the global rapeseed harvest continues to be very good. According to the US Department of Agriculture, the previous year's result should be 10.4 million tons better than in the previous year. In particular, the better harvests in Europe, Canada and Australia are contributing to the increased harvest volumes. Globally, however, the production of sunflower seeds fell by 12 percent compared to the previous year. The war in Ukraine is particularly noticeable here. The March contract on the ICE in Winnipeg rose slightly. Overall, however, trading here was volatile and inconsistent. Soybeans gained slightly in the forward dates yesterday. Soybean meal was also able to increase significantly from its recent downward correction and rose by USD 7.80/short ton to USD 460.10/short ton (EUR 473.61/t). Overall, the market remains bullish on soybean demand and export opportunities. The drought in Argentina should provide fundamental support for US beans. In addition, there will be a lack of rainfall in some growing areas in Brazil in the near future.Market participants are therefore looking forward to today's publication of weekly export sales by the USDA with suspense. Soybeans are wearing red signs before the market.
Source
VR AGRICULTURAL
