For the new front month of May 2023, things went downhill in Paris yesterday, just like for the follow-up contracts. In the end, the Euronext/Matif display board showed a closing price of 541.00 euros/t for rapeseed for delivery in May. Primarily the weak guidance from the soybean complex had an impact on canola and canola in Winnipeg was also weaker on these guidance. Canola in March on the ICE closed yesterday at 828 can dollars/t (=567.14 euros/t). By January 29, the EU countries had imported 4.47 million tons of rapeseed, compared to 1.35 million tons in the Commission's import statistics at the same time last year. Added to this are 408,680 tonnes of rapeseed meal (+43,082 tonnes compared to the previous year). The sharp increase in sunflower imports, which are currently at 1.7 million tons, is particularly noticeable compared to the previous year's value of 0.27 million tons. Sunflower meal imports have also increased. It should be noted, however, that war-related influences must also be taken into account here. Soya fell sharply yesterday, losing double digits. Soybean meal, on the other hand, closed minimally in the profit zone. The main topic remains the weather in South America. The local USDA office in Argentina estimates soybean production there at 36 million tons.tons and thus 9.5 million tons less than before. According to estimates by the US Department of Agriculture, last week's rains came too late for most plants. A private analysis house yesterday published a forecast of 39 million tons for Argentina. Surprisingly weak soybean processing figures in the USA put pressure on the market. These were again around 1 million bushels below the expectations of market participants.
Source
VR AGRICULTURAL
