A year after the Russian attack on Ukraine, rapeseed prices remain volatile. Yesterday, the most traded May date went south by 13.50 euros/t. The rapeseed prices have also developed weaker on a weekly basis. There are also weaker rapeseed prices on the country-by-country cash markets. On the other hand, rapeseed meal prices remain largely stable and unchanged. The rapeseed prices were weighed down yesterday primarily by negative guidance from Canada and a weakening soybean complex. As announced by the Union for the Promotion of Oil and Protein Plants (UFOP), Germany's biodiesel exports have reached a new record of 2.3 million tons. However, at 1.4 million tons, significantly more biodiesel was imported into Germany than in the previous year. According to UFOP, biodiesel production in Germany reached a record level of 3.2 million tons in 2022. Soybeans and soybean oil traded in red signs yesterday, closing lower accordingly. On the other hand, the price of soybean meal improved slightly. The USDA estimates that the 2023 acreage will be roughly the same as the 2022 acreage at around 35.4 million tons.The grain exchange in Buenos Aires again lowered its production estimate for Argentina yesterday. Compared to the previous week, 4.5 million tons less are expected. The total harvest should therefore be 33.5 million tons. When sowing began, the Grain Exchange had still expected a harvest of 48 million tons. Before trading, beans and grist on the eCBoT are starting today with some significant premiums.
Source
VR AGRICULTURAL
