Ölsaaten News, 11/03/2023

The rapeseed market was able to close with green signs on Thursday. However, on a weekly basis, the downward trend remains intact. By midday this Friday, the previous day's gains can be slightly increased again. At 12:00 p.m., the front month of February 24 was trading at 438.00 euros/t, approaching the level from last Friday. The European Union's rapeseed imports remain below the levels of the previous year. Up to and including the 18th calendar week of the current marketing year, 1.49 million tonnes of rapeseed were imported into the 27 EU countries, compared to 2.37 million tonnes at this point in the previous year. Sunflower seed imports have fallen significantly, and fewer imports of soy have also been made. Only rapeseed meal imports are slightly higher than in the previous year. Rapeseed meal was able to increase on the spot markets, both in terms of sales prices for agriculture and at the wholesale level in most regions, thus decoupling itself from the rather weaker trends in rapeseed itself. Especially because soybean meal prices are rising significantly, rapeseed meal is proving to be firmer. For Canada, the Ministry of Agriculture expects more oilseed processing despite a smaller harvest.The authority still expects a canola harvest of 17.4 million tons. Recently, weaker export demand in Canada led to declining canola prices on the ICE in Winnipeg. However, the view is increasingly gaining ground that some of last week's sales were too big and did not correspond to the real market. Ukraine, which is enjoying a large harvest, has now successfully used the alternative shipping route towards Odessa several times. This would also enable Ukrainian quantities to be placed better on the world market. However, yesterday there were reports that the Russian Air Force was said to have attacked various targets along the route. Trading on the domestic cash markets remains manageable. Inquiries are concentrated in the first quarter of the new year. However, given the current price level, producers are only willing to sell to a limited extent. There are short-term deliveries here and there, but overall the oil mills will remain well supplied until the turn of the year. Soybeans were able to increase on a weekly basis and are being driven in particular by export fantasies.Two weeks ago there were already rumors that major buyers from the Middle Kingdom had made declarations of intent to buy soy in the USA. That the USDA yesterday reported export sales for the week ending October 28th. Many traders see the fact that over 1.01 million tons were reported, almost the entire amount of which was ordered from China, as confirmation of the rumors. Traders are also hoping for more export demand due to the recently weaker US dollar. Meanwhile, the harvest in the USA continues and is making good progress compared to the last five years. However, better weather conditions in Brazil and Argentina are having a negative impact, even though sowing in Brazil is well behind schedule. Overall, soybean meal remains in solid shape, but fell slightly over the week. Soybean oil, on the other hand, is in solid shape and has been able to increase despite falling crude oil prices.