18.
01.24
14:13

Rapeseed unaffected by weak soybean market

Yesterday, rapeseed prices were able to break away from the weak soybean market and ended the trading day with moderate gains. The February date, which is about to expire, increased by 4.25 euros/ton to 429 euros/ton. In Winnipeg, however, the bears prevailed and caused losses in canola contracts. The losses were slowed by the weaker Canadian dollar. The signs for the soy complex were deep red. Both the bean and the meal contracts had to absorb losses of up to double-digits. In particular, the report from China that economic growth within the country was only 5.2% disappointed many market participants and observers. The ongoing harvest work in the south of the USA also caused additional pressure. Despite the poorer prospects for the soybean harvest in Brazil, harvest expectations for South America are significantly higher and supply bottlenecks are not expected. Meanwhile, analysts at NOPA report that soy processing volume reached 195.33 million bushels last month. The result significantly exceeded the expectations of most market participants and also reached a new high for monthly production.

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