Ölsaaten News, 10/21/2022

Rapeseed on the Euronext/Matif shows little change on a weekly basis. Yesterday, the most traded February date closed at EUR 638.50 and thus only EUR 0.50/t higher than last Friday. Even if the closing prices are almost unchanged on a weekly basis, the volatility on the individual trading days remains high. Yesterday in February there was a plus of 6.00 euros per tonne, on Tuesday there were daily losses of 13 euros per tonne in the same contract on the Paris Euronext/Matif display board. A relatively similar picture can also be seen on the local spot markets. Sales here are still rather manageable. Rapeseed processors are currently very willing to buy imports. With 1.994 million tons, around 606,000 tons more rapeseed were imported into the European Union by the 16th calendar week of the current marketing year than at the same time last year. In contrast, rapeseed meal, at 173,239 tonnes, was purchased far less in volume from non-European countries than a year ago. The Canadian farmers have also made good progress with the canola harvest. This is significantly better than in the drought-plagued previous year. Around 19 milliontons of canola are expected this year, compared to just 13.8 million tons last year. Yields per hectare are increasing by a very significant 45 percent in Canada. The farmers are currently reluctant to sell their harvests. This recently supported the price structure on the ICE in Winnipeg. Oilseed closed yesterday at 876.30 Can-$/t (equivalent to 650.15 Euro/t). The soybeans on the CBoT showed a different picture on a weekly basis. Chicago contracts picked up. The well-progressing soybean harvest in the USA and the prospect of a record harvest in Brazil are having a negative impact on trade. However, very good export figures helped the beans to gain prices, especially on Thursday. In addition to the weekly export sales, which were better than many analysts had previously expected, the USDA was also able to report two large export sales. Private buyers in China have ordered 201,000 tons, 132,000 tons of soybeans are going to a buyer of unknown origin. The US soybean harvest is progressing faster than the average for the last five years. Currently, 63 percent of the stocks are retracted, last year it was 58 percent at the same time and the long-term average in mid-October is only 52 percent.Economic worries are definitely still depressing the mood at the trading desks. As expected, the International Grains Council (IGC) cut global soybean production. Compared to the previous estimate, the harvest volume has been revised down by 1 million tons and is seen at 386 million tons. Despite the most recent forecast reduction, the volume of the previous year (355 million tons) will be significantly exceeded. The ending stocks are classified higher by the IGC and are expected to amount to 54 million tons at the end of the marketing year. On the spot markets in Germany, slightly weaker prices for soybean meal are evident on a weekly basis. In Hamburg, 548 euros/t are currently being called up, which is 3 euros less than a week ago. European imports of soybeans and soy meal are at a lower level compared to the previous year. Brazil remains the most important supplier of soybean meal in Europe. With 2.5 million tons of soybean meal delivered, slightly more than 55 percent of European imports come from the country in South America. Most of the soybeans also come from Brazil (49.2 percent), followed by US beans (35.1 percent).