After gains on Wednesday, rapeseed contracts in Paris went south again on Thursday. The February contract lost 7 euros and closed at 637.00 euros/t. In the WASDE on Wednesday, the USDA valued global rapeseed production again by 1 million tons. For Australia in particular, a new record is indicated with a forecast harvest volume of 7.3 million tons. Last year the Australians got 6.8 million tons of rapeseed from the fields. However, demand is also rated higher, and China in particular could expand its rapeseed imports. However, the weakening economy in the Middle Kingdom raises doubts. With the exception of soybean oil, the soybean complex showed red signs yesterday. Both beans and grist lost in yesterday's trading session, but are clearly green pre-market today, partially making up for the losses from the presentation. Weak export sales and a report from the government in Argentina, which intends to approve export incentives for soybean traders again, put selling pressure on the CBoT. The government had already guaranteed a fixed exchange rate in September to boost soy exports and thus get foreign currency into the country.Last year's Argentine harvest was clearly positive at 44 million tons. Soybean fields in the country are currently suffering from a severe drought.
Source
VR AGRICULTURAL
