There were red signs yesterday for oilseeds. On the Euronext/Matif, it fell by EUR 3.50 in February 2023, the most traded front month. With a closing price of EUR 558.50 per tonne, the February contract has lost EUR 41.25 per tonne since the beginning of the month. A corresponding price development can also be seen on the spot markets. Franko Ölmühle Hamburg is currently quoted at 560 euros per ton for deliveries in March, in Straubigen it is 557 euros and for Mannheim 574 euros are currently being asked for deliveries in March. At the same time, however, cash market sales are still in the pre-Christmas calm. The report from India, according to which the country is expecting a record rapeseed harvest, also put pressure on prices. The area under cultivation in the country increased by 9 percent to 8.8 million hectares, some observers even expect an area of up to 9.5 million hectares. This means that the rapeseed harvest in India this year should reach at least 12 million tons. Soybeans on the CBOT showed red signs yesterday. While soybean export sales were clearly positive and significantly exceeded analysts' expectations, increasing concerns about the global economy are responsible for the decline.After the most recent Federal Reserve meeting in the USA, President Jerome Powell announced that interest rates would remain tight and put pressure on both soybeans and the financial markets to sell. In addition, the US dollar has gained some ground again, which is also clouding export prospects. In this environment, soybean meal also slipped into the red and closed the January date $4.80 lower at US$455.30/short ton (€469.87/t). Soybean oil, on the other hand, managed a final spurt to 63.82 US cents/pound (1,325.42 €/t) after predominantly red signs during the course of the day.
Source
VR AGRICULTURAL
