Raps is constantly going south. On Friday, the Euronext/Matif scoreboard again showed a loss of EUR 5 in the May date. The dates for the new harvest also went south. On the spot markets, buyers for forward contracts are currently showing restraint and are only asking for a few goods for this period. The rapeseed trade on Friday was also burdened by the negative specifications in the soy complex and the weak crude oil prices as a result of the turbulence on the American banking market and the difficulties of Crédit Suisse. Canola was also red on Friday. However, market participants are increasingly assuming that the market is oversold. Because Canadian canola exports continue to be very solid and well above the previous year's level. As a result of the weak market environment for vegetable oils and the uncertainty on the financial markets, soya was also clearly red on Friday. The May contract for beans fell by 15 cents/bu to 1,476.50 US cents/bu (503.27 euros/t). Soybean meal lost $8.00 to US$474/short ton (EUR483.67/t). Soybean meal prices on the local cash markets have recently also been under slight pressure.In order to deepen economic relations, Brazil's President Luiz Lula wants to travel to China with a large business delegation at the end of the month. The soybean deliveries to the Middle Kingdom should also be a big issue. Fundamentally, however, little has changed. However, worries about the Argentine harvest faded a bit into the background in trading. Local precipitation was recently announced, from which the farmers are hoping for some relief. However, most of the drought damage to stocks is irreparable. Soybeans are also showing double-digit losses premarket today and soybean meal is also down this morning.
Source
VR AGRICULTURAL
