The momentum of the price setbacks slowed down yesterday, but the February 2023 front date for rapeseed on the Paris stock exchange lost EUR 3.25 per ton and closed the trading day at EUR 561/t. In addition to the continued good supply situation, the price developments, especially for vegetable oils, are putting pressure on the price development. Palm oil in Malaysia has also been falling again and again recently, as exports in particular have been disappointing here. Soybean oil lost 0.78 US cents/pound yesterday and also closed weaker in March at the equivalent of 1,283.48 euros/t. The soy complex declined slightly overall. In addition to soybean oil, soybeans and soybean meal also showed red signs. US market participants fear competition from Brazil more and more. The harvest of the beans has started there and the harvest volume is likely to be very high. Many market participants are hoping for clarity from tomorrow's WASDE. An announced retail sale of 174,000 tons of soybeans to Mexico could not change the slight correction. For tomorrow's WASDE, the majority of market participants expect US ending stocks to be slightly adjusted upwards.A further reduction in the crop estimate is expected for Argentina, but the USDA is likely to raise its crop forecast for Brazil. Soybean meal lost US$ 1.40 per shred/ton yesterday and closed at the equivalent of EUR 479.15/t in March. Soybean meal prices on the spot markets in Germany also fell slightly midweek. However, soybeans are already picking up again ahead of the market today. Soybean meal is also trading at premiums, which are making up for yesterday's losses.
Source
VR AGRICULTURAL
