The soy complex ended the week in the red. Both bean and meal contracts fell further. The main reason for the decline was the bearish corn prices. The losses were curbed by the latest news from Brazil. The analyst firm AgRural lowered its production forecast for Brazil from 171 to 168.2 million tons due to persistent drought and high temperatures. Nevertheless, the harvest is progressing well: by last Thursday, 39% of the land had been harvested, a progress of 16 percentage points in one week. The USDA reported a good export week for the USA: 858,679 tons of soybeans were loaded for export - around 125,000 tons more than in the previous week and at the upper end of forecasts. 56 percent of the exported quantities went to China.
Canola prices on the ICE suffered significant losses on Monday. The May contract fell by Can-$ 20.40 and was quoted at Can-$ 659.30/t. The decisive factors were the weak impulses from the CBoT and an overdue price correction following the rise since mid-January. According to traders, technical market movements were mainly responsible for the decline, while fundamental supply and demand factors hardly played a role. On Euronext in Paris, the decline in rapeseed was more moderate. The May contract fell by 6.75 to 523.50 €/t.
