The week starts calmly for grains.
By ODA UK | Published at
On the oilseeds market, after last Friday's upturn for soybeans and soya meal in Chicago, markets were quieter today. Traders are waiting for concrete information about easing trade tensions between the United States and China. The USDA officially announced a new sale of 612KT of soybeans to China today, but this volume is far from the 5MT China announced late last week.
In oils, palm prices saw moderate increases. While traders expect a 6% decline in Malaysian inventories between December and January, profit-taking limited gains. The palm market will be closed for the next two days for the Lunar New Year holiday in Asia.
Despite increases by oils and the slight drop in the euro-dollar exchange rate, rapeseed prices continued to be pressured on the European market after a European analyst estimated upcoming European rapeseed production at nearly 20MT while the consensus is 18MT-18.5MT.
Euronext grains started the week near equilibrium. Figures published on Monday did not move the market. U.S. export inspections met expectations for wheat and maize, and weekly European wheat exports were only 249KT.