Soybeans are up in double digits

For rapeseed things went slightly up on Friday. The front month of May 2023 climbed to EUR 550.50 per ton and thus closed EUR 2.75 higher than on Thursday. The tense situation in Ukraine due to a new Russian offensive and the attack on a bridge in the port city of Odessa are also driving up rapeseed prices. On the other hand, the good harvest data in Europe is slowing down the upward price movement. On Thursday, the EU Commission put the European harvest at 19.6 million tons and expects a lower demand for rapeseed imports than in the previous marketing year. Canola in Winnipeg was also up slightly on Friday. Above all, solid export figures are supporting the market trend here. The soybean complex benefited from several factors on Friday. In particular, however, rising prices for crude oil and for vegetable oils in general provided tailwind. For example, soybeans posted double-digit growth. However, the main focus of market participants remains on Latin America. There are currently no signs of precipitation for Argentina, it will remain warm and dry. On the other hand, rain showers continue to delay the harvest in Brazil. The Buenos Aires Grain Exchange reduced its health rating for Argentina's soybean stocks.According to calculations by the stock exchange, two percent more - 48 percent - are in bad or very bad condition. Further yield losses are expected due to the weather forecast. Soybean meal gained USD 3.90 to USD 499.40/short ton. Converted, the March date on the CBoT is quoted at 510.44 euros/t.