Rapeseed was able to stop the downward trend of the past few weeks yesterday in exchange trading on the Euronext/Matif. The most traded May contract increased by EUR 3.25/t and closed at EUR 529/t. Since the beginning of the year, however, the May date has lost a significant EUR 49.50. However, Canola made a clear setback yesterday on the ICE in Winnipeg. The March 2023 contract went south by 10 Can dollars to 796.70 Can dollars, which corresponds to a converted price of 547.57 euros/t. In particular, the good harvest in Australia is cited on the ICE as the reason for the significant setback. On the cash markets, the prices for rapeseed meal remain constant. The trading volumes are low, also because significantly less rapeseed meal has recently been offered. The EU's rapeseed imports were significantly lower last week, only slightly more than 12 tons were imported, in the previous week it was still over 275,000 tons. The quantities imported in the current marketing year are currently 4.25 million tons, compared to 3.02 million tons at the same time last year. Soybeans failed to close in the black again yesterday.Although the beans started the day with a green sign, they gave way as trading progressed. While bargain hunters were still active at the CBoT at the end of the trading day, the weather reports and weather forecasts for Argentina prevailed again. The sowing is coming to an end, the rain is coming in time for many plants. Although the rains are distributed unevenly in the South American country, many important growing areas received more rain than forecast. Soybean meal lost $2.10/short ton yesterday and closed the March date at the equivalent of EUR 463.25/t. Soybean oil also showed losses.
Source
VR AGRICULTURAL
