Rapeseed on Euronext/Matif ended the last trading day of the week inconsistently. While the leading November contract rose by one euro, the other contracts of the season showed a red sign. For the entire last week there is a plus of 29.50 euros/t in the front month. Oilseed markets were particularly impacted by the crude oil market on Friday. Brent and WTI fell significantly. The global trend towards interest rate hikes is fueling concerns about global economic development. That also pulled the soybeans down with it. The front month of November fell by 31.25 US cents/bu to $1,425.75 cents/bu. (540.63 euros/t). There was also a majority of soybean meal and all dates of soybean oil on the last trading day of the week showed a red sign. The US soybean harvest is also putting pressure on prices. The weather forecast for this week shows little precipitation for the main growing areas, so that the stocks should dry up quickly and should not stand in the way of a quick harvest. In Brazil, soybean acreage has increased significantly and could reach a record 66.09 million tons. For South America, the analysis company Datagro expects a record harvest of 219.34 milliontons, which would correspond to an increase of around 21 percent. While the weather conditions in Brazil are very good, Argentinian farmers are suffering from a drought. Premarket contracts in the soy complex are again in red today.
Source
VR AgrarBeratung AG
