Even if red signs determine the course of trading on the Euronext/Matif for rapeseed this Friday, the prices are firmer again on a weekly basis. The February contract is trading today (1:40 p.m.) at 639.50 euros/t, firmer than last Friday, when the contract closed last week at 636.75 euros/t. On the cash markets, there are still only few sales of oilseed. On the other hand, Europe's importers are receptive. Until 23.10. the importers in the 27 EU member states imported a quantity of 2.21 million tons. At the same time last year it was 1.52 million tons. The main supplier of the European Union has again become Ukraine. It represents around 2/3 of the previous imports. The second largest importer is the supplier Australia, which has recently become more important for Europe. After the start of the war, the country Down Under quickly became the most important supplier of rapeseed. In the case of sunflower meal and sunflower oil, too, the Ukraine is now once again the most important trading partner for European importers. In Hamburg, rapeseed is currently priced at 640 euros/t delivered to the oil mill, in Straubigen it is 635 euros/t. Rapeseed meal is slightly weaker overall.On the Lower Rhine, 353 euros/t are currently being traded for prompt deliveries. Soybeans are showing losses on the CBoT this Friday and the beans also fell in value on a weekly basis. Soybean meal was slightly more expensive on a weekly basis. Soybean oil is also somewhat firmer in the front month of December than it was a week ago. The soybean harvest in the USA continues to make good progress and the weather forecast for the coming days is such that nothing is likely to change. The low water on the Mississippi is problematic during the harvest phase. Other US waterways are also affected. As a result, transport to export ports on the US Gulf Coast is currently restricted. Weekly export sales this week, at just over 1 million tons, were significantly lower than last week, with shipments of 2.7 million tons, the soybean business for exporters is, however, in spite of the ristrictions in China and the strong US dollar currently solid and resilient. Weather conditions in Argentina have improved this week. Heavy rains are alleviating the conditions for the heat and drought-stricken soybean stocks in the South American country.
ZMP Live Expert Opinion
There is no clear direction in the oilseed markets. The rapid soya harvest in the USA is putting pressure on people, as is the better global supply of rapeseed. China's hunger for imports seems to be back, but the ongoing measures taken to combat the Covid pandemic in China are a potential stress factor. However, together with the war in Ukraine and the uncertainty of Ukraine's ability to deliver in the coming year, the oilseed markets tend to remain expensive in the long term.
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