Ölsaaten News, 08/18/2023

After rapeseed was still mostly under pressure at the beginning of the week, prices were able to recover over the course of the week and prices increased. Rapeseed closed yesterday in the front month with a settlement of 468.25 euros/t, last Friday it was still 456.25 euros/t. The spot market prices have also recently tended to firm up. The rapeseed harvest in Germany and Europe as a whole is on target. The returns that are reported are mostly in line with expectations. While 3-4 tons per hectare are reported in the east, up to 5 tons are fetched from the fields in the north and west. The oil contents are satisfactory everywhere. Higher grades are also reported here in the north and west. The rape stocks that are currently still being threshed have a high level of residual moisture, and producers have to incur drying costs. Outside of existing contracts, only a small amount is effectively traded. Both oil mills in purchasing and producers in sales are mostly waiting for the harvest and further price developments. Rapeseed meal tends to be a bit firmer overall, but shows different tendencies depending on the region. As with soybean meal, demand has recently fallen.European imports are currently well below the level of the previous year. The expected larger harvest volume in Europe is likely to result in lower imports in this marketing year compared to the previous year. Canada continues to show good growth conditions for canola stocks. Little by little, the farmers are beginning to harvest. In the most recent WASDE report, the USDA forecast a crop of 19 million tons for Canada. Rapeseed and canola were also supported this week by firmer trends in vegetable oils. Soybean oil and palm oil were trading higher midweek. Rapeseed prices are trending south again this Friday, but are still well above last week's level. Soybeans are again showing significant gains today, but were mostly under pressure in the last week of trading and yesterday were trading at around the same level as at the end of last week. Better export figures released yesterday and changed weather forecasts give momentum. In the western Corn Belt in particular, one of the main soybean-growing regions in the USA, it is expected to be hot and dry in the coming days.Yesterday, Thursday, the International Grains Council downgraded its forecast for the global soybean harvest by 2 million tons. The London-based body expects a soybean harvest of 398 million tons. This puts the IGC below the USDA's estimate from last Friday. The industry association Anec reports high export volumes in Brazil. Exports of over 9 million tons are expected for August and should therefore set a new monthly record. As with corn, Brazil is currently putting pressure on soybean prices on the world market due to its high harvest volumes. On the other hand, the Chinese import statistics show that the Middle Kingdom is once again importing significantly more soy than in the previous year. Around 15 percent more soybean imports were registered in the first half of the year.