Raps was able to start a counter-movement yesterday. The February contract increased by EUR 4.75 to EUR 569 per ton. Oilseed was able to benefit above all from rising prices for crude oil and the very positive indications from the soybean complex. The fact that the USDA forecast higher consumption in its January WASDE for Europe than previously assumed also helped the contracts on the Euronext/Matif. While the USDA no longer adjusted the harvest volumes for the major rapeseed producers, the forecasts for India are surprising. Here, the USDA expects a record harvest of 11.5 million tons, which corresponds to an increase of around 5 percent compared to the previous year. The WASDE report caused surprises, especially in the case of the soy complex. Beans posted double-digit gains after the report was released. The last US soybean harvest was revised downwards, in particular because the yields per hectare were lower. For Argentina, the USDA experts expect a soybean harvest of 45.5 million tons (- 8.1 percent compared to the December estimate). However, the USDA is more optimistic than the Argentine grain exchange in Rosario, which announced yesterday that it expects an Argentine soybean harvest of 41 million tons.A record harvest is still expected for Brazil. However, despite the records in Brazil, the global soybean harvest is expected to be lower than in December. Due to lower consumption, however, global inventories are likely to be somewhat higher than previously assumed.<
Source
VR AGRICULTURAL
