For the fourth trading day in a row, rape is showing a green sign at Euronext/Matif in Paris. The leading May contract went up yesterday by 3.75 euros/t to 553.50 euros/t. Support comes from competing vegetable oils. Soybean oil and palm oil have also recovered in the past few days and increased accordingly. While the area under rapeseed has increased by 7.6 percent according to the Federal Statistical Office, the French analyst firm Strategie Grains expects an EU-wide harvest of 19.5 million tons for this marketing year, which would correspond to only a small increase compared to last year's harvest. This is justified with a smaller overall cultivation area in Europe. According to the analysis house, producers would increasingly cultivate sunflowers, and soybean cultivation in the EU is also expected to grow by around 3 percent. Canada's Canola Stocks as of 12/31 reached a volume of 11.35 million tons and thus significantly exceeded the previous year's figures. At that time there were only 8.78 million tons in storage due to the drought. Canola in Winnipeg fell slightly yesterday on the back of weak soybean guidance. Soybean and soybean meal were down yesterday.While traders are expecting higher US inventories for today's WADE, all analysts are anticipating adjustments ahead of time in terms of production for Latin America. Brazil is likely to harvest more than previously expected, Argentina less for well-known reasons. The soybean harvest in Brazil continues to be sluggish. According to the consulting firm AgRual, around 9 percent of the stocks are currently retracted, which corresponds to a harvest progress of only one percent compared to the previous week. At the beginning of February 2022, around 16 percent had already been retracted.
Source
VR AGRICULTURAL
