Rapeseed was able to switch back to a positive trend from the reversal of the past few days. The contracts on the Matif increased across all dates, the front month closed 3 euros higher at 553.25 euros/ton. The EU Commission will not publish any new import figures this week. Due to technical errors, the publication was announced for Thursday instead of Tuesday, but could not be held. Canola also gained. In particular, the weaker Can Dollar versus the US Dollar provided support. However, the increase was significantly lower than that of rapeseed on Euronext/Matif. Support for oilseeds overall came from both the soybean complex and vegetable oils yesterday. After the sometimes significant losses for soybeans and soybean meal, both futures rose again slightly yesterday. Soybeans for March 2023 rose 0.75 US cents to close at 1,526.50 US cents/bu (527.30 Euro/t). In the front month of March, soybean meal rose by USD 0.30 to USD 491.40/short ton, which corresponds to a converted price of EUR 507.80/t. The market trend was supported by solid export bookings. So yesterday the USDA was able to post a new single sale above 128.000 tons to an unknown buyer. For weekly export sales through 2/9/2022, the USDA said 512,000 tons of beans were sold, up about 135,000 tons from the previous week. In addition to China, Mexico in particular has bought soybeans from the USA. After the slight downward correction for Brazilian soybean production by a private analysis company the day before yesterday, the consultancy AgRural also lowered its forecast for this year's harvest from 152.9 million tons to 150.9 million tons. Because of the drought in Argentina, the International Grains Council saw its forecast for global soybean production reduced by 7 million tons.
Source
VR AGRICULTURAL
