Rapeseed is one of the few agricultural products that was able to increase at all on yesterday's trading day. The front month of February rose by EUR 11 to EUR 594.75 over the course of the day. Canola in Winnipeg also rose sharply, gaining $5.80 Can on the first day of trading of the year. Canola is quoted at the equivalent of EUR 603.01 per tonne and thus only slightly higher than European rapeseed at Euronext/Matif in Paris. Many producers are now satisfied with the state of the rapeseed stocks. After dry conditions in autumn, the recent heavy rainfall has done the plants good. In Lower Saxony, some of the plants have already grown so well that the first dose of pesticides was given. As reported by the rural people of Lower Saxony, the acreage for rapeseed in the state has increased to 109,400 hectares, which corresponds to an increase of 16.8 percent compared to the previous year. The Federal Ministry of Agriculture recently estimated the area under cultivation in Germany at 1.2 million hectares, which corresponds to an increase of 81,900 hectares or 7.6 percent. Soybeans showed significant losses on the first trading day of the new year. Overall, oilseeds suffered from yesterday's bearish signals from commodity and financial markets.In particular, the rising US dollar is fading hopes of very significant increases in soybean exports. The drought situation in Argentina slightly slowed down the price loss for soybean meal and soybean oil, but here too the signs are red. Soybean meal loses 5.90 US dollars per short ton and is thus quoted at the equivalent of 465.10 euros/t in March. Soybean exports between Christmas and New Year came in at 1.5 million tons, at the lower end of analysts' expectations. In the previous week, 1.8 million tons were loaded for export. Pre-market, soybeans and soybean meal are slightly green today.
Source
VR AGRICULTURAL
