Oilseeds News, 15.11.2024

An upward trend continued last week for rapeseed prices on the international exchange. Soybeans, on the other hand, had to contend with losses. Developments on the European markets showed a mixed trend, with the outlook for the soybean harvest and global export forecasts playing a decisive role. Rapeseed prices on the Intercontinental Exchange (ICE) in Winnipeg recorded a positive trend. In particular, the bullish soybean data from the WASDE report and rising exports from Canada provided green signs. Rapeseed exports from Canada rose to 204,100 tons and totalled 3.1 million tons in the current season, a significant increase compared to the previous year. In Paris on Euronext, rapeseed contracts also showed a positive trend. The February contract rose by €3.75 to close at €536.50 per tonne. Overall, strong export demand and bullish market data supported the positive price trend. In contrast, the soybean markets experienced a mixed performance. On the CBoT, December futures fell by 13 to 17 cents to 9.52 $/bushel on Thursday. Soybean meal futures also fell further. The USDA's latest export inspection data showed soybeans up 13.3% year-over-year, with a total of 2.278 million metric tons in the week ending Nov. 7. The marketing year showed an increase of 5.9 % compared to the previous year. Nevertheless, US traders reacted rather cautiously to the latest figures. The pressure on the oilseed markets seems to be mainly due to the uncertainty surrounding trade and agricultural policy, especially with regard to the possible cabinet nominations under Trump. In Brazil, it was reported that soybean seeding was 67% complete as of last Thursday, up 6 percentage points year-over-year. In China, the country's imports are expected to fall by 9.5% to 98.8 million tons in the 2024/25 marketing year. This means that traders' export hopes are flagging again.