The rapeseed prices are still heading towards the 600 euro mark. The front month fell by 12 euros/t yesterday and closed at 614.00 euros. On the local cash markets, prices in Hamburg, Straubingen and on the Mittelland Canal also fell by 10 euros per tonne. The Union for the Promotion of Oil and Protein Plants (UFOP) estimates that winter rape sowing in Germany for the 2023 harvest will be around 50,000 hectares larger than this year's acreage. The high price level has persuaded many farmers to rely on rapeseed for the coming year. According to UFOP estimates, the area under cultivation should have been expanded to between 1.1 and 1.13 million ectars. The experts at UFOP are satisfied with the current condition of the winters. In northern Germany in particular, stocks have developed very well and luxuriantly, despite some late sowing. Soybeans in Chicago rose sharply yesterday. An export report about the sale of 261,000 tons of soybeans to Mexico supports the trade. The escalation due to a missile hit in Poland also drove prices up, even though there are now increasing calls that the missile probably came from the Ukrainian air defense system.US soybean processing figures released yesterday were higher than in September. Compared to the previous month, around 26.5 million bushels more were processed in October.
Source
VR AGRICULTURAL
