Oilseed News, April 9th, 2021

The rapeseed contracts ended up in the profit zone in yesterday's trading. The leading contract reached the 500 euro mark and recorded a settlement of 512.75 euros per ton. According to the latest assessment by the IGC, the analysts continue to expect that the rapeseed market will remain scarce. The analysts of Strategy Grains have revised their expectations for the EU harvest down to 16.8 million tons (minus 0.2 million tons). In 2020 the harvest was 16.25 million tons. Above all, the end stocks should go down significantly according to initial forecasts and also fall to a multi-year low in the coming year. In particular, the constant demand on the world market with the simultaneous decline in cultivation areas is responsible for this development. Almost 70 million tons go into grinding and only 2.1 million tons are to be used as animal feed. Around 900,000 tons of rapeseed are to be used for human consumption. Canola futures also continued to rise in Canada. Furthermore, the high demand and the dry weather are driving prices and creating a bullish mood. After the soybeans picked up again in the middle of the week, they were also able to post profits in yesterday's trading.Among other things, the WASDE report coming up today ensures that soy prices are rising. Analysts expect closing stocks to decline slightly for the report. Meanwhile, the experts at Conab expect the soybean harvest in Brazil to amount to 135.5 million tons (plus 6% compared to the previous year) and at the same time expect exports to expand to 85.6 million tons. According to the latest report by the USDA, export bookings totaled 338,600, exceeding market participants' expectations.