While the front rap dates in Paris were able to recover from the price correction, the rear contracts slipped further into the red. Ufop expects a cultivation area for rapeseed in the Federal Republic of 1.05 to 1.08 million hectares, thus once again exceeding the result from the previous year. The DRV forecasts an area of 999,500 hectares and a production of 3.51 million tons. In Winnipeg, the canola futures broke away from the requirements of the agricultural markets and posted moderate profits. Above all, the rising palm oil prices supported the development. In Canada, heavy rainfall has created major logistics problems. The port in Vancouver is still partially inaccessible and is slowing down shipments significantly. The soy complex went up steeply in the middle of the week. Not only the beans recorded double-digit profits, the meal contracts also went out of trading with a clear plus. Many market participants expect an increase in export business, especially for meal, due to the current shortage of L-lysine. Shortly before the weekend, the signs turned so that the oilseed ended trading in the red. The oilseed had to cope with up to double-digit losses.Shortly before the weekend, many market participants took advantage of the high prices to secure their profits. The USDA confirmed that export sales totaled 1.382 million tons. This exceeded the previous week's result by 20%. In Argentina, the sowing has reached almost 29% of the planned area. The experts at Buenos Aires Exchange expect production of 44 million tons due to the currently good cultivation conditions.
ZMP Live Expert Opinion
With the increasing acreage for rapeseed and the improved growing conditions for soybeans, the prices for oilseeds could come under pressure. Small price corrections already prevailed this week. Nevertheless, supply in the EU in particular remains scarce and this is unlikely to improve significantly in the coming weeks either. With the focus on the first half of the year, prices are expected to remain fixed, especially for rapeseed. It remains to be seen whether this will also prevail with soy. Overall, the entire oilseed market is likely to remain volatile.
You see historical data because you're not logged in or not a ZMP Live+ member. Get your information advantage now!
