After moderate gains on Wednesday, rapeseed went clearly south on Thursday at the Euronext/Matif in Paris. The most traded May date closed 6.50 euros lighter at 547.75 euros per ton. This means that rapeseed is quoted lower again than it was at the beginning of this week. Weaker prices for palm and soybean oil are also having a corresponding effect on rapeseed prices. Crude oil also fell yesterday in a generally weak market environment. On the other hand, the price quotations on the German cash markets are still slightly higher than a week ago. In Straubingen, Raos is currently quoted at 545 euros/t, in Hamburg it is fob 550 euros/t and thus 3 euros more than last Thursday. Canola in Winnipeg was also weaker. Here, too, the weak market environment overall is seen as the main reason for the setback. The soy complex shows an inconsistent picture. While soybean oil fell sharply at times during yesterday's trading session, bean prices declined marginally. Soybean meal, on the other hand, was able to increase significantly again. Meal prices benefit primarily from the prospects for the Argentine harvest.After the USDA and the grain exchange in Rosario, the grain exchange in Buenos Aires has now lowered its forecast. The Buenos Aires Grains Exchange expects a harvest of 38mn tons (-3mn tons), while the USDA still published 41mn tons in the WASDE. The exchange in Rosario expects only 34.5 million tons. The data from Brazil in particular are having an impact on soybeans. Traders are increasingly concerned about the competitiveness of US export prices. The weekly export sales published yesterday were already well below the average of the last few weeks, but were within the range of analysts' expectations.
Source
VR AGRICULTURAL
