Ölsaaten News, 10/20/2023

The oilseed markets were also moving this week. While rapeseed is trending somewhat weaker overall compared to Friday last week despite individual days with strong price increases so far, soybean prices have increased significantly. Soybean meal in particular rose sharply yesterday, Thursday. Trade in rapeseed remains manageable on the local cash markets. The oil mills are mostly well supplied until the beginning of next year. There are requests for deliveries in the new year here and there. The prices at the wholesale level were somewhat firmer this week. Demand for rapeseed meal, which was still viewed as dynamic at the beginning of the month, has declined. However, farmers and feed mixers have recently reduced their demand again. Prices tend to vary depending on the region, but are usually lower. The USDA's latest forecast from last week, according to which global rapeseed production is still expected to be below the previous year's level, had a positive effect on rapeseed prices. However, consumption is likely to continue to develop dynamically, meaning that a production deficit is expected and global final stocks are likely to fall noticeably.Soybeans rose sharply this week, but after significant gains yesterday, they are falling slightly in the pre-market today. The US harvest is still in full swing, which is fundamentally weighing on price developments. However, positive export figures for soybeans and soybean meal this week are providing relief for the market. The price level for crude oil is also fundamentally a tailwind. To the surprise of market participants, the processing figures for September in the USA were at a record level for a September and once again significantly better than in August. However, the news of higher production prospects in Brazil and Argentina could not slow down price developments. On Thursday, the International Grain Council lowered its forecast for the global soybean harvest by 2.5 million tons to 393 million tons.