After the very significant losses at the start of the week, both soybeans and rapeseed went up yesterday. The February contract on Euronext/Matif closed at EUR 563.25 per tonne, EUR 8 higher than on Monday. The follow-up contracts are also clearly marked in green. Further strengthening crude oil prices provided support, as did slightly higher canola prices in Winnipeg. There, the March contract gained 4.20 Can dollars yesterday and closed at 858.50 Can dollars (equivalent to 595.43 euros/t). Rising prices for soybean oil and palm oil also provided support yesterday. According to official figures, palm oil production fell by around 7.3 percent in November, while stocks fell by around 5 percent, which helped vegetable oil prices to rise. Soybeans on the CBoT were also up sharply, gaining 19.25 US cents7bu in the leading January date and closing higher at 1,479.75 US cents/bu. The USDA was able to announce the sale of 140,000 tons of soybeans to a buyer of unknown origin yesterday.The declining inflation data in the USA provided additional support, as this significantly reduced concerns about the economy. In Brazil, soybean sowing has largely been completed, covering around 95 percent of the targeted area. Although there is different rainfall in the individual growing regions, there is no drought like in Argentina. There, precipitation has improved the situation somewhat, but the recent rainfall was not sufficient. Before the trading day, the soy complex is showing signs of red again today.
Source
VR AGRICULTURAL
