The USDA's soybean production figures came as a surprise. Contrary to expectations, the USDA raised the US soybean production outlook and expects a very good harvest of 123.3 million tons. Market participants are increasingly skeptical as to whether this can be achieved due to the current drought in the most important growing areas. Today, Friday's premarket gains are more than recouped. Most of the changes for rapeseed were small. The Union for the Promotion of Oil and Protein Plants expects prices for rapeseed to remain stable. Even if the supply situation has definitely improved significantly, the uncertainty due to the Ukraine war is likely to support the price level. For the coming sowing, the association expects a higher production again. Canola in Winnpeg fell on Friday.
Source
VR AgrarBeratung AG
