Driven by hopes of new exports, especially to China, soybean prices rose again very significantly yesterday. The government in Beijing yesterday explained its easing plans, which many market participants hope will lead to an increase in soybean imports. According to the Chinese Bureau of Statistics, imports fell by 14 percent in November compared to November last year. The country has therefore imported around 7.35 million tons of soy. In Argentina, agricultural sales to exporters have increased significantly. The government's measure on the guaranteed exchange rate for soybean sales is having an effect here. The industry association Anec in Brazil expects Brazilian soy exports to amount to 78.08 million tons this year, which would be around 10 percent less than in 2021. Before the market, soybeans are showing green signs again today. Soybean meal increased significantly yesterday, but no clear trends are discernible before the market today. The front month of February 2023 for rapeseed on the Paris Euronext/Matif lost marginally yesterday, the follow-up contracts did not show a very clear direction.The rapeseed meal prices on the cash markets in Germany have recently increased marginally and the prices for rapeseed on the cash market have recently stabilized slightly again after the declines of the past week. Canola on the ICE in Winnipeg was able to benefit significantly yesterday in the slipstream of soybean development. The front month of January gained USD 14.10 and closed at USD 863.60/t (EUR 601.02/t).
Source
VR AGRICULTURAL
