Rapeseed went north across all tradable dates yesterday. The May date closed 5.00 euros per ton firmer at 422.25 euros. The following August continues to be below the price of the current front month at 421.00 euros/t. The EU Commission had already updated its forecast for the last rapeseed harvest last week. But this only changed in the last decimal places. The 2023/24 harvest is seen at 19.81 million tonnes, slightly higher than the 2022/23 harvest, when 19.56 million tonnes were taken from the fields. Europe's rapeseed imports currently stand at 3.755 million tonnes, meaning only small quantities were imported in the previous week. At this point in the previous year, 5.67 million imported quantities of rapeseed could already be found in the EU Commission's statistics. Rapeseed also received tailwind from the vegetable oil sector. Although soybean oil fell in Chicago, palm oil prices in Malaysia continued to rise sharply. Canola on the ICE in Winnipeg followed guidance from the soy market and closed yesterday's trading session with minor losses.
Source
VR AGRICULTURE
