Soybean harvest pace down on previous year

Despite the news from the Ukraine, rapeseed contracts rose only relatively slightly. The good European rapeseed harvest limits the price increase. Most recently, the grain traders' association Cocereal estimated the EU rapeseed harvest at 19.5 million tons, 2.1 million tons higher than in the previous year. The acreage in Germany is likely to have grown again despite the restrained sowing conditions. Rapeseed seed supplier Rapool estimates that the area may have exceeded the 1.1 million hectare mark. The rains of the last few days in almost all areas of Germany have also allowed sowing to get off to a good start. Soybeans were also up yesterday. The soybean harvest is 3 percent in, on average 5 percent is already harvested at this point. However, warm and dry conditions for the remainder of September could ensure a faster pace of harvest. The USDA revised the condition assessments of the soy plants downwards again.