Oilseeds started the week with a strong downward trend. Rapeseed closed the first trading day of the new month down 8.25 euros/tonne to 479.25 euros/tonne. Canola on the ICE in Winnipeg also lost 26.60 can dollars to close at 634.40 can dollars. This was primarily due to the very weak performance of competing vegetable oils and oilseeds. ABARES, the Australian agricultural authority, estimates the coming canola harvest at 5.4 million tons and has thus significantly reduced its own forecast. Just three months ago, 6.1 million tons were expected in Australia. The area under cultivation has fallen significantly. Soybeans fell by double digits yesterday. The rapid sowing in the USA and weak export demand had a negative impact. After trading hours, the USDA published its inventory report and gave the sowing progress as 78 percent. On average in recent years, sowing was five percentage points lower at this time.
Source
VR AGRAR
