Despite the bullish sentiment in the soybean market, rapeseed is back in the red. For the front month, it fell from EUR 6.50/ton to EUR 824.75/ton. The bears also took the lead in Canada, posting modest losses to the canola contracts. The correction was slowed down by the sluggish sowing in many important growing areas. In Saskatchewan in particular, work is lagging behind the long-running edit. The soy complex ended the trade with double-digit gains and was thus able to grow across the board. Oil seed was supported by the rising oil prices and the solid export figures. The USDA said around 750,000 tons of soy had been booked as of last Thursday. The result was well above the expectations of most analysts. Meal bookings also increased significantly and totaled 290,000 tons. 0.95 million tons were loaded last week. Cumulatively, export transactions reach a volume of 48.71 million tons. However, it was still not possible to match the previous year's level.
ZMP Live Expert Opinion
The rapeseed could not join the bullish mood of the soybean markets this week. Despite the correction and the prospect of a good harvest within the EU, the war is likely to continue to drive up oilseed prices. In the soybean complex, rising oil prices and rebounding US exports could provide fresh fodder for the bulls. However, the weather conditions in the USA in particular are increasingly becoming the focus of market participants again.
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