In the wake of the bullish market environment for vegetable oils and rising crude oil prices, rapeseed contracts on the Matif also increased yesterday. For the November date, it was about 7 euros northwards. Canola in Winnipeg also rose sharply, gaining $28.50 in the busiest November date. Converted, the contract is listed in Winnipeg at a price of 592.37 euros/t. Soybeans were up yesterday especially after the USDA released figures. Contrary to what had previously been expected, the USDA cut the prospects for the US soybean harvest significantly by 4.1 million tons. Closing stocks were also corrected significantly downwards. Lower soybean production is also expected globally, which is mainly due to the US harvest. As a result, soybean meal also increased significantly. The contracts in Chicago rose by USD 23.90 to USD 434.60/short ton in the November term, which corresponds to a price of EUR 476.21/t. The increase was limited by weak US export figures. Pre-market soy prices are still on the rise today.
Source
VR AgrarBeratung AG
