Ölsaaten News, 06/30/2023

On the oilseed markets, the signs were red on a weekly basis. Last Thursday, rapeseed was still at a price of 443.25 euros/t in the front month of November, yesterday at the closing bell it was 435.75 euros/t despite positive daily growth. For June as a whole, however, the prices of the contracts have increased significantly. On the first trading day in June, the closing price was 395.25 euros/t in August. Overall, they are satisfied with the development of the stock. Last week's storm caused local damage, with northern Hesse particularly badly affected. The local rapeseed harvest is expected to start in mid-July, depending on the further course of the weather. It is also expected that the grain corridor across the Black Sea will end. This currently runs until 18.7. According to the USDA, Ukraine was able to ship 1 million tons of rapeseed and 800,000 tons of rapeseed meal along this corridor in addition to corn and wheat. Other significant oilseed volumes include sunflower meal with 1.8 million tons and sunflower with 800,000 tons. In addition, 800,000 tons of soy were exported via this route. The signs for the coming Ukrainian grain harvest continue to be promising.A higher canola harvest is also expected in Canada. As the statistics office CanStat announced on Wednesday, the area under cultivation is 8.94 million hectares. With the average yields per hectare in recent years, this would result in a harvest volume of 19 million tons. CanStat has adjusted the acreage up by 200,000 hectares from its last forecast. Precipitation this week and announced precipitation for the weekend in the Canadian prairies, in addition to the higher acreage estimates on a weekly basis, also weighed on canola prices on the ICE. Europe's importers have until 25.06. and thus the penultimate week of the current financial year, so far 7.33 million tons of rapeseed have been imported. At this point in the previous year it was 5.45 million tons. Sunflowers would also be imported significantly more. Instead of 1.01 million tons, 2.183 million tons of sunflowers were imported into the international community in the previous marketing year. The most important suppliers of rapeseed remain Australia, which accounts for around half of European rapeseed imports, and Ukraine, which accounts for around 40 percent of rapeseed imports.The soybean market was also down sharply this week on better weather conditions in the Great Plains and Corn Belt, although signs are green again yesterday and in premarket trading today. The recent showers have improved the yield prospects again and in many important growing areas the issue of drought stress in the still young plants should be over for the time being. The export sales and export shipments published this week are disappointing and also act as a negative factor in the already weak market environment. The price competition from Brazil is still strong. At the beginning of the week, beans rose again significantly because there were rumors of a wave of Chinese shopping, but this wave has not yet materialized. As a result of the better growing conditions for soybeans in the USA, soybean meal also fell significantly this week. For the most part, there are no changes for soybean meal on the domestic cash markets. With the exception of Mainz, where it is listed, soybean meal prices have hardly changed at all compared to the previous week.Soybean oil was down sharply in the middle of the week before last, but recovered some of those losses this week. Still, the vegetable oil price is lower today than it was a week ago.