The signs for rapeseed remained red yesterday. The May contract lost EUR 13.50 to a closing price of EUR 453.75/t. Dates of the coming harvest bear similarly high daily losses. The extension of the grain agreement for Ukraine plays just as important a role as the overall very sufficient rapeseed supply in Europe itself. The good 2022 harvest is still having an effect and the high EU imports ensure that oil mills and feed mixers do not worry about availability have to worry. Positive signals from the soybean complex and rising crude oil prices could not stop the price decline yesterday. Since the first trading day of the year, a loss of 133 euros/t has been on the scoreboard for the May contract. On the cash markets, prices are also falling with low sales volumes. Contrary to the trend in the agricultural markets as a whole, soybeans were mostly able to increase yesterday. The easing situation in the US banking sector and rising crude oil prices gave the soy complex a tailwind overall. Soybean oil also rose, but soybean meal fell in the front month of May. US export shipments released yesterday also provided support as the USDA inspected in the week ended March 16.March saw a 13 percent increase in loading volume compared to the previous week. Compared to the same week last year, 29 percent more beans were loaded. For the year as a whole, more beans were exported than in the previous year. The rise was only slowed down by the weak trend in vegetable oils. In addition to rapeseed and canola, palm oil also fell repeatedly yesterday. No trend is discernible before the trading day.
Source
VR AGRICULTURAL
