Ölsaaten News, 03/03/2023

On a weekly basis, rapeseed prices in Paris went south. The front month of May closed yesterday with a settlement of 531 euros, but last Friday the scoreboard on the Paris stock exchange was still 542 euros/t. In the last two trading days, however, oilseeds were able to gain some ground again. It went up by EUR 2.50 yesterday, Thursday, and prices are still green until the early afternoon of today, Friday. Rapeseed also benefited from the uncertainty about the future of the grain agreement. At the G20 meeting in India, Foreign Minister Lavrov was again clearly critical of the agreement and clearly rejected a speedy agreement. Russia continues to demand the lifting of many sanctions against its country. EU import figures were released again this week. According to this, 5.33 million tons were imported by February 26 of this year, around 1.92 million tons more than at the same time last year. Support for the rapeseed markets was also provided by positive indications in the soybean complex, which experienced significant increases, especially yesterday.On the cash markets, rapeseed is listed weaker than in the past week, sales remain at a low and manageable level. Rapeseed meal was also mostly slightly weaker. Canola in Winnipeg, while also gaining more ground yesterday, has been down for most of the past few days. There are growing concerns about import demand from China. Soybeans on the CBoT also fell overall on a weekly basis. Soybean meal, which has always increased in most of the last weekly reviews, is currently listed below the level of last Friday. The most traded May date for soybean meal cost USD 472.30/short ton at the closing bell on Thursday, which is equivalent to EUR 490.26/t. Soybean meal is also showing a downward trend on the spot markets in Germany. Market participants continue to look at the situation in South America. In Argentina, nothing has changed about the drought. The grain exchange in Buenos Aires recently expected a harvest of 33.5 million tons. Originally, the stock exchange assumed a harvest of 48 million tons. Yesterday, the grain exchange announced that it would review its forecast again and adjust it downwards.This caused significant price increases on the CBoT in yesterday's trading. Even rather disappointing soybean export sales did not change that. In Brazil, on the other hand, harvesting work is progressing better.