With a daily increase of 14.00 euros/t, rapeseed once again closed clearly in the black and was thus able to surpass the increase in Canadian canola. Trading is supported on the one hand by the rising soybean prices on the CBoT, but the storm in northern Germany is also causing some uncertainty. The soy complex was positive across the board yesterday and prices are once again pointing north in premarket trading on the eCBoT. The weather problems in South America are primarily responsible for the soybean soaring. Yesterday, the beans closed 36.25 US cents/bu higher. Agroconsult yesterday lowered its forecast for the Brazilian harvest by 8.4 million tons to 125.8 million tons. A processing plant burned at the largest soybean meal producer in the USA, meaning that daily production of 5,000 tons is likely to be canceled for the time being.
Source
VR AgrarBeratung AG
