Oilseed rape and canola are showing strong rebounds for the third straight day. In Paris, the May contract rose by 14.75 euros/t and thus also pulled the spot market quotations northwards, which, with regional differences, have also risen by up to 20 euros per ton compared to Friday. The generally friendlier market environment for agricultural goods as a whole and the fact that prices had fallen proportionally sharply in recent weeks gave oilseed a tailwind. Significantly higher processing figures are also supporting the development of the market in Canada. Canola increased by $9.80 to $753.20 per tonne (EUR 510.50/t). Soy also posted double-digit gains. In particular, however, soybean oil increased by 1.28 US cents/pound to 54.55 US cents/pound (1,123 euros/t). Soybean meal, on the other hand, showed a slight red sign for most of the increased trading day, but was able to close slightly in the profit zone with a plus of 0.90 US dollars to 446 US dollars/short ton. This means that grist is quoted at the equivalent of 423.25 euros/t. Yesterday, the cash markets in Germany also showed a slight upward trend for prompt delivery of soybean meal.In addition to strong growth in crude oil, benign export figures in particular gave the beans support. Around 880,000 tons of soybeans were loaded last week, which corresponds to an increase of around 168,000 tons compared to the previous week and the same week last year is also significantly exceeded. In terms of the marketing year to date, 44.95 million tons of beans were loaded, compared to 43.47 million tons at the same time last year. Brazil's farmers are making better and better progress with the soybean harvest, but still cannot make up the deficit compared to the previous year. According to the consulting firm Patria Agronegocios, 71 percent have been harvested; last year the consulting firm determined a harvest progress of 77 percent at this point, but the area is larger this year.
Source
VR AGRICULTURAL
