Rapeseed is recovering. Yesterday it went northwards by a very clear EUR 15.50. The most traded May date gained EUR 15.25 and closed Thursday trading at EUR 544.50/t. Concerns about the tensions in Ukraine after the decision to supply battle tanks to some NATO countries to the government in Kyiv continue to have an effect. Until 22.01. the EU-27 imported around 4.25 million tons of rapeseed, of which 60% (2.55 million tons) come from the war-torn country. In addition, the Ukraine delivered 1.45 million tons of sunflowers up to this point in the current marketing year, which corresponds to a very significant increase compared to the previous year. According to Can-Stat estimates, the rapeseed harvest in the 2023/24 season will be slightly larger at 19.4 million tons (previous year 19.2 million tons). The sown area has increased by 100,000 ha according to the figures of the statisticians and amounts to 8.8 million hectares. Canola also rose in price yesterday. However, both futures also benefited from the bullish news on the soybean market. Soybeans rose again significantly yesterday. Good export data in particular, which the USDA announced yesterday, caused beans to rally. In the past week, a total of 1.27 milliontons of beans from the current and upcoming harvest are sold, exceeding even the optimistic forecasts. Bearish news comes from South America. In Argentina, the recent rains have significantly improved the cultivation situation and plant growth, and meteorologists are expecting further rain showers for the coming week, which should improve the country's yield potential. Soybean meal also increased in double digits and closed the March contract at a converted rate of 482.11 euros/t.
Source
VR AGRICULTURAL
