After catching up in the past few days, rapeseed went south again yesterday. The November contract on Euronext/Matif closed at EUR 632.75/t, EUR 13.50 lower than on Tuesday. The recession worries are now also affecting the rapeseed market and are depressing the mood. Profit-taking is also blamed for the decline. The fact that oil prices rose again significantly yesterday did not help rapeseed and ultimately soybeans yesterday. Concern about economic development has regained the upper hand at the trading table. The US dollar, which rose again significantly yesterday, is also depressing traders' export fantasies. Inflation and the fundamentally high soy price level are already forcing the first buyers to reduce their consumption. The US harvest has lost momentum. All in all, however, market participants do not seem to agree on how the harvest will continue to develop. In the Midwest, the weather forecast indicates dry weather and therefore good harvest conditions. In the USDA crop report, harvest progress on Monday was given as 22 percent. Prices on the crude oil markets rose yesterday. OPEC+ has decided to cut production by 2 million barrels a day from November 2022.
Source
VR AGRAR
