Ölsaaten News, 01/05/2024

As a result of the overall weak development of oilseeds overall, rapeseed also went south at the start of the year. Yesterday the contracts on Euronext/Matif closed with a red sign. Rapeseed therefore lost overall in the first three trading days of the new year. Yesterday there was a closing price of 430.75 euros/t on the display board in the front month of February. Prices of around 440 euros/t were traded between the holidays. The influencing factors are different overall. The flood situation in many parts of Germany and the overall very wet weather are causing regional problems. In France too it is often too wet and influenced. Meanwhile, things remain quiet on the cash markets. The oil mills continue to be supplied in line with their needs. Offers from agriculture are also still rare. In many cases, producers are waiting to see how the market develops and are currently not showing any pressure to sell. The prices for rapeseed meal have fallen somewhat since the beginning of December, but are still trending at a high level. There is still a shortage of goods available, particularly for short-term deliveries. In the port of Rotterdam, prices for rapeseed oil fell at the start of the year. Canola is also currently under significant pressure on the ICE in Winnipeg.On the last trading day of last year, the most traded March date was already at a half-year low. Things also went south for soybeans at the start of the year. Here, too, there are several reasons why the contracts on the CBoT were under selling pressure. Above all, the focus is on the significantly better cultivation situation in Brazil. Between the holidays, many regions were able to benefit from very heavy rainfall of up to 115 mm. Further heavy rainfall is forecast for the coming days, especially in the north. Currently, Brazilian exports are causing additional concern in the USA. The big wave of purchases from China in the States already seems to be over. Merchants from the Middle Kingdom are increasingly buying in South America again. This is causing inventories to rise in the USA and putting additional pressure on prices. The weak development of crude oil in recent days has also put a strain on the price structure.