Yesterday, rapeseed went south for EUR 12.75, the front month of May closed at EUR 466.75/t. Although there is a clear minus on the display board for yesterday's trading day, on a weekly basis rapeseed has been able to recover significantly in the last five trading days. Last Thursday at the closing bell the price was still 436.25 euros/t. Nevertheless, this weekly plus does not hide the fact that the May contract on the Matif has lost 120.75 euros/t since the beginning of the year. In its outlook for the coming season published yesterday, the EU Commission assumes that there will be a record 33.6 million tons of oilseed production. The acreage has increased overall. The increase in production is mainly due to a higher sunflower harvest, which is expected to grow by 18 percent compared to the previous year. With an expected 19.8 million tons, the rapeseed harvest is likely to be around 15 percent above the long-term average and slightly larger than in the previous year. On the CBoT, soybeans showed mixed direction yesterday.Analysts are expecting a slight increase over the previous forecast for today's USDA annual report on planting figures. According to this, around 88.2 million acres of soy are likely to be cultivated, compared to 87.5 million acres in the previous year. Heavy rainfall has been announced for Argentina. These cause the grain exchange in Rosario to even declare the drought over. The grain exchange in Buenos Aires left its production forecast at 25 million tons unchanged from the previous week. If this forecast is correct, the harvest would be halved compared to the original production expectation. Yesterday, in the front month of May, soybean meal gained USD 1.70 to USD 459.90/short ton (EUR 463.74/t). Pre-market today, all soy products on the CBoT are in the red.
Source
VR AGRICULTURAL
