Canadian canola production at 17.4 million tons

Yesterday, rapeseed rose above the 450 euro/t mark on Euronext/Matif. The front month rose by 6.75 euros/t to 452.25 euros/t. Retailers are generally focusing on Canada. Statistics Canada will release new production figures next Monday. Based on satellite images, the Agriculture Ministry in Winnipeg has already confirmed its forecast of 17.4 million tonnes, which corresponds to a decrease of 1.3 percent compared to the previous year. Despite the fact that the cultivated area is around 250,000 hectares higher than in the previous year, low yields are expected due to weather influences. When it comes to consumption, the Ministry of Agriculture expects the need for oil production to remain unchanged at 10 million tons. This had increased significantly in recent years because the USA in particular demanded more rapeseed oil from Canada. The Canadian ministry estimates exports at 7.7 million tonnes (previous year 7.9 million tonnes).

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