Canola: Crop pressure in Canada

In an environment of generally weak price developments for oilseeds and vegetable oils, rapeseed went south yesterday. The November date in Paris fell by 5.25 euros/t to 454.50 euros/t. This means that the November date has lost 14.25 euros/t since the beginning of the month. The Lower Saxony Chamber of Agriculture reports very heterogeneous area yields, which are said to be between 1.5 and 5 tons per hectare. In particular, alternating wet and dry conditions have caused local fungal and pest infestation. Things also went south for Canola on the ICE in Winnipeg. The front month of November closed here with a daily loss of 12.30 Can dollars and a settlement of 782.90 Can dollars/t (534.80 euros/t). The decline is due to the current harvest. Dry weather on the Canadian prairies is conducive to harvesting. In addition to the Canadian harvest, rapeseed and canola were also impacted by falling crude oil prices and weak inputs from the soybean market.

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