Ölsaaten News, 03/01/2024

Compared to the closing price last week on Friday, rapeseed rose this week. Today too, there are positive signs for oilseeds until midday. Closing price yesterday in the front month of May was 412.00 euros/t. The daily high was 415.25 euros/t today. Yesterday, canola in Winnipeg was also able to increase in price and decouple itself from the weak specifications for soybeans. The situation on the local cash markets is calm. Oil mills ask here and there. In addition to some quantities from the producers' stocks, import quantities from Eastern Europe, the Baltics and Ukraine are also available. Ukraine remains the European Union's most important supplier of rapeseed. Overall, however, Europe's rapeseed imports have declined noticeably. Significantly less quantity comes from Australia in particular. The availability of rapeseed meal on the domestic cash markets has recently become scarce again. Some mills report that they will not be able to deliver again until mid-March. Rapeseed meal prices are correspondingly stable in some cases. Soya is trading almost unchanged for the week. Today, pre-market prices are firmer. Weak export figures in the USA are a burden. Last week it was just 159.700 tons of soy were booked for export and the estimates in advance were at the lower end. Harvesting work in Brazil continues at full speed and the country's exports remain at a high level. The consulting firm Abiove from Brazil has reduced its forecast for the current harvest by 2.3 million tons to 153.8 million tons. The soybean harvest has not yet started in Argentina. As the Buenos Aires Grain Exchange announced, expected rainfall will benefit stocks over the weekend. New assessments from the WASDE report will be available next week. The next WASDE report from the US Department of Agriculture is expected on March 8th.