Despite increased USDA forecasts for global canola production, futures contracts on Euronext/Matif rose yesterday. The most traded February date closed with an increase of 2.50 euros at 644 euros/t. In the November WASDE, the US Department of Agriculture increased global canola production to 84.8 million tons (+1 million tons compared to the October WASDE), mainly due to better prospects in Europe and Australia. The course gains in Winnipeg for Canadian canola were clearer. The January date closed higher Can-$7.30. Soy rose in the course of the WADE report. Although the news from the Brazilian agricultural consultancy Conab slowed down the market a little, at the end of the trading day there were clearly green signs on the display board. Conab increased the forecast for the coming 2022/23 harvest by 1.2 million tons to 153.3 million tons. The area under cultivation in the country is expected to be 4.2% larger than in the previous year. In the WASDE report published yesterday, the USDA expects a harvest of 152 million tons in Brazil. In the USA itself, the soybean harvest is expected to be better than previously assumed.However, due to global soybean production, the rating is slightly lower as the impact in Argentina is likely to have a significant impact on the world production balance.
Source
VR AGRICULTURAL
