For rapeseed things went up again yesterday, although the increases were lower. The May contract increased by EUR 075 to EUR 554.75. Although the WASDE report brought no surprises for canola, the US Department of Agriculture noted that EU canola and sunflower imports are growing at the expense of soybean imports. This trend is also reflected in the EU import statistics. According to statistics from the EU Commission, 4.617 million tons of rapeseed were imported up to 05.02.23, around 1.4 million tons more than at the same time last year. Canola fell again yesterday on the ICE in Winnipeg and lost 4.30 Can dollars to 828.20 Can dollars (574.82 euros/t). The increased inventory figures from the Canadian statistical authority had an effect here yesterday. Support for oilseeds as a whole has recently come from the crude oil markets for four trading days in a row WTI and Brent. According to the WASDE report, soybeans were able to increase slightly, but the figures did not hold any major surprises. As previously expected, US ending inventories were adjusted slightly upwards due to lower soybean processing. For Argentina, the analysts at the Ministry of Agriculture reduced the production volume by 4.5 milliontons to 41 million tons. Global production outlook has been revised down 5Mt compared to January WASDE. The grain exchange in Rosario (Argentina) is more skeptical about the Argentine harvest. Yesterday, the stock exchange lowered its forecast for the local harvest to 34.5 million tons (minus 2.5 million tons from the last forecast). This means that Argentina is likely to have the smallest soybean harvest in over 14 years. As reported, at least 1 million hectares of the 16 million hectares under soybean cultivation are severely affected by the drought. Soybean meal rose slightly yesterday and closed the March date at USD 481.90/short ton, which corresponds to a converted price of EUR 494.34/ton
Source
VR AGRICULTURAL
