Rapeseed prices were also negative yesterday, Wednesday. The front month of May fell by EUR 3.25 to EUR 550.25. Nevertheless, rapeseed prices are currently still above the price level at the beginning of February. On the first trading day of this month, the closing price for the May date was 541.00 euros/t. A generally weak market environment for agricultural goods caused the price setback yesterday. So it went south for Canola in Winnipeg. In addition, the increased acreage estimates for France by the local ministry also had an effect yesterday. Russian criticism of the existing grain agreement recedes into the background. Soybeans and soymeal also fell again yesterday. Beans in the March contract fell double-digit, soybean meal in the March term lost USD 9.90 per short ton and closed at USD 491.10, well below the USD 500 mark reached at the beginning of the week . According to the US industry association NOPA, 179 million bushels of soybeans were processed in January. This value was well below analyst expectations and fewer beans were processed in the USA compared to February 2022.Weekly Soybean Export Sales will be released today by the US Department of Agriculture. The consulting firm Agroconsult has lowered its forecast for the Brazilian soybean harvest from 153.4 million tons to 153 million tons. Soybean oil, on the other hand, gained ground yesterday. The leading March contract rose to 61.24 US cents/pound (1,257.67 euros/t). Meal and beans are also showing losses before the market today, while soybean oil is trading more firmly.
Source
VR AGRICULTURAL
