Oilseed prices are declining under pressure from forecasts of production
Experts Strategie Grains even trample a slight reduction in acreage to 6.7 million hectares estimated rapeseed production by the EU countries in 2018/19 MG at the level of 22.6 million tonnes, 900 tonnes will exceed the previous season and will be the largest harvest in the last 4 years.
After the publication of the report, the price of rapeseed fell by 2.25 €/t to USD 362.5 €/t or 426,77 $/t
Prices have not yet reacted to the possible reduction of imports of rapeseed to the EU from Ukraine, caused by the cancellation of VAT reimbursement during export of rapeseed and soybeans.
Under pressure from forecasts of increased harvest in Canada to 21.3 million tonnes of canola prices in Chicago fell to 502,5 CAD/t or 391 $/t
Traders continue to monitor weather conditions in Argentina and Brazil.
Promised for next week, heavy rainfall in Argentina, which will add soil moisture, reduce in Chicago prices for soybeans and, especially, for meal, since Argentina is the main supplier of soybean meal to global markets.
January's quotes of soybean meal fell by 1.2% to 327,7 $/t, while the January soybean futures fell 0.7 percent to 361, 5 $/t
in addition to the price of soybeans weighs the reduction of weekly exports to the United States by 46% to 1.23 million tonnes on the back of possible reduction forecasts export of soybeans in the 2017/18 season in a new USDA report.
In Ukraine after the decision of the Verkhovna Rada on the abolition of VAT refunds in the export of oil commenced sale of rapeseed. Traders are trying to quickly form the export party to be able to send them until March 1, 2018.
Increased the number of proposals soybeans, but traders stopped buying in the elevators, and take soy only in port for fear that will not have time to export it to 01.03.2018 G.