The rapeseed contracts in Paris on the Euronext/Matif fell to a small extent on Friday. The prices continued their downward trend of the entire week. If the contracts closed in the previous week on 4.11. trading with a closing price of 664.75 euros/t in the front month of February 23, it was last Friday, November 11th. 636.25 euros/t and thus a weekly loss of 28.50 euros per ton. The larger canola harvest in Canada, the good prospects for the coming harvest in Australia and also the own good European harvest continue to depress prices on the stock exchange and the cash markets. The looming global recession also gives rise to fears that less rapeseed will be used as an additive in fuels. There was no trading on the ICE in Winnipeg on Friday due to the public holiday. At the CBoT, the soy complex was able to pick up significantly. Higher crude oil prices provided support, as did the weakening US dollar. The fact that the Chinese government wants to relax some corona restrictions also caused optimism, although the number of infections in the country has reached new record numbers in some cities.Tomorrow the US Soybean Processors Association (NOPA) will release its October soybean processing figures. The majority of market participants expect production to be higher than in October 2021. The consulting firm Safras&Mercado from Brazil expects significantly more soybeans in the coming harvest for the South American country compared to its last estimate. Safras&Mercado expects a harvest of 154.53 million tons this season. The USDA would have estimated the harvest in the November WASDE for Brazil at a similar value.
Source
VR AGRICULTURAL
