Just as with the grain markets, there was something like a breather yesterday in rapeseed. The front month of February 2023 rose by EUR 3.25 per tonne, and the other dates were also able to end yesterday's trading day to the same extent or with higher premiums. Canola on the ICE in Winnipeg, on the other hand, was unable to benefit from the positive indications for soybeans and European rapeseed. Red signs were also visible here yesterday. By January 8th, the EU-27 countries had imported 3.89 million tons of rapeseed. At the same time last year it was 2.75 million tons. With a share of 62.9%, two thirds of the imported quantities come from the Ukraine. Soybeans were also up yesterday. An announced export sale of 124,000 tons of soybeans to an undisclosed destination provided significant support. In addition, the dealers are positioning themselves for today's WASDE. The assessments of South America are eagerly awaited. While Brazil is heading for a record harvest, Argentina's harvest expectations are likely to be revised downwards significantly. In relation to the drought caused by the meteorologists, there is no lasting improvement in sight, even in the short term. The analysis house Agroconsult expects a record harvest in Brazil of 153.4 millionMetric tons. In addition to the higher acreage, the yield per hectare should also be better than in the previous year due to good weather conditions. Soybean meal gained US$ 5.70/short ton yesterday and closed at the equivalent of EUR 484.97/t in March.
Source
VR AGRICULTURAL
