Oilseeds News, 17th / May / 2024

Rapeseed was slightly weaker over the week. The closing price yesterday evening was 473.50 euros/t in the leading August futures contract. Today, prices are showing signs of recovery. By midday, the August contract had risen by 7.50 euros. The overall news situation is currently manageable. Overall, producers are mostly satisfied with the development of stocks. A press release issued by the Federal Statistical Office yesterday shows that the area under cultivation is lower, as expected. This is now stated as 1.1 million hectares, which is 5.8 percent less than the area for the last harvest. In Canada, abundant rainfall, particularly in the western prairie regions, is providing support for winter crops. However, the planting of the planned areas with spring rapeseed has been delayed as a result. The EU Commission is still not publishing any current import data. Technical problems continue to be cited as the reason. Rapeseed meal is still in short supply for prompt delivery.

The soybean market was able to make significant gains on individual days. A look at last Friday's closing price also shows firmer prices in the front month at the closing bell yesterday. Pre-market prices for soybeans rose again this Friday until midday. Overall, soybean meal has been under downward pressure this week, but can start the day on a somewhat friendlier note this morning. Low processing figures for April had weighed on soybeans and soybean meal at times. Export demand in the USA also remains low. The fact that China in particular is clearly holding back is causing uncertainty in some quarters. Planting in the United States is continuing, but precipitation in the Corn Belt, which is forecast for the coming week, could slow the pace.