The overall bearish mood for vegetable oils ensured that rapeseed prices on Euronext/Matif also corrected significantly yesterday. The most traded February date lost EUR 10.25 and closed at EUR 555.25/t. The rapeseed meal prices on the local cash markets were also under slight pressure at the start of the week. Mills are currently offering more rapeseed meal contracts, although interest in buying has recently increased somewhat, it remains well below the available quantities. From the Hamburg station, rapeseed meal for prompt deliveries is quoted at EUR 353/t today, EUR 1 per ton lower than on Friday. Despite significantly higher crude oil prices, soya was unable to benefit yesterday. At 1.84 million tons, weekly soybean shipments for export were 200,000 tons down on the previous week, dampening sentiment. In addition to falling soybean oil and palm oil prices, a significant correction in soybean meal in particular ensured that the beans were also clearly in the red yesterday.The soybean meal prices had increased significantly in the past week in particular and, according to traders, were now due for correction. Recently, current precipitation in Argentina, which is plagued by a drought, is putting price pressure on the CBoT. Pre-market, beans, meal and oil are slightly up again today.
Source
VR AGRICULTURAL
