Ölsaaten News, 04/21/2023

Oilseed prices went into reverse again after a brief rally starting Wednesday. In the last two trading days, rapeseed lost the gains of the first half of the week and is currently trading below the level of last Friday. At the closing bell yesterday evening, the price on the display board was 456.75 euros/t. A daily low of 448.00 euros/t is being traded until the early afternoon today. Although there was little fundamental new news for rapeseed, the import freeze announced by Hungary and Poland for Ukrainian grain and the export delays via the Black Sea route were able to provide strong price increases. Oilseeds as a whole went into reverse again as inspections of Ukrainian agri-cargo vessels resumed and political agreement reached between Ukraine and Poland. EI imports of rapeseed and sunflower remain high compared to last marketing year. Around 2.15 million tonnes of rapeseed and 1.6 million tonnes of sunflowers were imported more than in the previous marketing year. Soy imports, on the other hand, have declined. In Canada, a bad weather front delays canola planting.The soybean market continues to look to South America this week. The forecasts for Argentina remain at a reduced level. Plant health assessments are poor and the harvest that has already begun suggests in part that production is likely to be a little lower than previously thought. In the US, farmers have started sowing, but the pace is likely to be a bit slower at the moment as weather reports predict unfavorable conditions in the coming days. Export bookings on the CBoT were also disappointing this week. Only 100,000 tons of beans were booked last week, down 73 percent from the previous week. The International Grains Council yesterday raised its forecast for global soybean production for the coming season and expects a harvest volume of 401 million tons. This is not only an increase of 2 million tons compared to the IGC's March estimate, but would also exceed this year's harvest by 31 million tons.