Once again, the rapeseed prices showed losses on yesterday's trading day. The May contract fell by 6.25 euros/t to a closing price of 513.25 euros/t. Canola also went downhill again yesterday. The USDA announced in its March WASDE that global rapeseed production is likely to have been somewhat larger than previously assumed. In addition, Canada's farmers are currently increasingly selling their canola stocks, ensuring that the supply situation for oilseed rape and canola remains good. Prices for rapeseed meal in Germany remained unchanged overall, rapeseed is also traded at prices that have hardly changed, although sales remain low. The sales volume should also change little until the harvest. The soybean market closed yesterday's trading day with marginal gains. While soybeans went sharply higher over the course of trading, the premiums flowed away over the course of trading. As expected, the USDA revised production estimates for Argentina significantly downwards in its March WASDE. While the USDA analysts still assumed Argentine soybean production of 41 million tons in February, the balance sheet now only shows 33 million tons.The grain exchange in Rosario, Argentina, also significantly lowered its forecast for the domestic harvest yesterday. Instead of the previous 34.5 million tons, the stock exchange only expects a harvest volume of 27. million tons, thus reducing its own forecast by 7 million tons. The harvest volume in Brazil is still seen at 153 million tons by the Ministry of Agriculture. Total global production and ending stocks at the end of the current season were also reduced. Soybean meal was weaker yesterday and closed the May date at a closing price of US$ 485.70/short ton, which corresponds to a converted rate of EUR 506.71/ton.
Source
VR AGRICULTURAL
