Rapeseed made up ground again yesterday and was firmer with a profit of 4.25 euros in the most traded May date. Recently, spot market prices have also been able to pick up again. Franko Ölmühle Hamburg is currently quoted at 547 euros/t, for the delivery location in Straubingen it is 542 euros/t and at the Mittelland Canal 546 euros/t. Rapeseed benefited in particular from bullish news from the soybean environment. Canola also benefited from this, gaining 20.20 Can dollars in the March date yesterday. The unwinding of many short coverings following the end of the recent bearish rally is also cited as a reason for the price gains. Soybeans gained double digits yesterday. Soybean meal is also clearly firmer and climbed by US$ 15.20/short ton to US$ 488.70 yesterday. Converted, the March date is quoted at 495.29 euros/t. The trigger is again Argentina. The rains are helping the farmers, but the weather forecast shows that it will end soon and that the country will be very hot again afterwards. In Brazil, farmers are busy harvesting. According to AgRual, 5 percent of the stocks have now been removed from the fields.Overall, the harvest started somewhat more slowly, but the yield prospects still point to a record harvest. US weekly export shipments released yesterday provided additional support. With 1.85 million tons last week, the optimistic estimates were met. However, beans and meal started a little weaker again today before the market.
Source
VR AGRICULTURAL
