Due in particular to a strong rise yesterday and a friendly trend today, rapeseed was able to develop more firmly this week. Today, Thursday, the front month of August already reached a daily high of 481 euro/t. The closing price yesterday was 469.75 euros/t. The rapeseed harvest is imminent. As the plants are usually developed a good two weeks earlier than usual, producers are already preparing for the harvest. According to market participants, most farmers are satisfied with the stocks. Canola at the ICE in Winnipeg has also been somewhat more upbeat recently due to high processing figures. Nevertheless, there are increasing reports of a decline in demand. Canadian canola traders in particular are hoping for better US demand. Rapeseed oil has now also been approved for biodiesel production. Canada in particular could benefit from this.
The planting of soybeans in the USA is now almost complete. On Monday, the USDA reported progress of 97 percent. Only in Kenntucky and Tennessee is the harvest still lagging somewhat behind. A year ago at this time, 93 percent of the targeted areas had been planted. In a new quarterly report to be published tomorrow, analysts expect a further increase in soybean acreage. Ending stocks of soybeans are also expected to be higher. The harvest in Brazil and Argentina is currently of little importance. Only a few adjustments are likely to be made here. Nevertheless, the stock exchanges and market analysts expect a higher soybean area for both countries in the coming season. Condition ratings in the USA have fallen by 3 percentage points over the week to 67% good or very good.
ZMP Live Expert Opinion
The oilseed markets are being pulled back and forth by news from the weather, supply and demand, the upcoming rapeseed harvest and the rapid sowing of US soybeans. The volatility of the markets is unlikely to change much in the coming weeks.
You see historical data because you're not logged in or not a ZMP Live+ member. Get your information advantage now!
