01.
07.22
10:33

Soybean acreage lower than expected - losses in oilseeds

The correction in rapeseed continued yesterday, although it was not as severe as on Wednesday. The canola contracts thus followed the weak leads of the canola and the soy complex. Crude oil prices, which fell sharply yesterday, also had an impact on trading. On the spot markets, traders in rapeseed meal are mainly concentrating on post-harvest contracts. The Soy Complex showed high volatility yesterday. Tailwind basically came from the quarterly report on the space estimates. The area under cultivation has grown much less than the traders had expected in advance. Apparently, despite the delay in sowing corn, farmers have not switched to soybeans to the extent that has long been suspected. At the end of the trading day, however, the soybeans were unable to escape the overall weak market environment in the agricultural markets and closed with double-digit losses. In the case of soybean meal, only the August front date increased, all other dates fell in price. Soybean oil was also in the red, losing 2.49 US cents/pound to 67.01 US cents/pound.

Source
VR AgrarBeratung AG
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