Canola at its lowest level since June 2023

Rapeseed closed yesterday with a red sign and lost 8.25 euros/t in the front month of February with a closing price of 429.75 euros/t. The main reasons given for the significant setback are the specifications in the crude oil market. Crude oil prices have fallen since Christmas. In addition, soya also recorded significant losses yesterday and at times yesterday reached one of the lowest values since mid-November. There were also significant setbacks for competing vegetable oils such as palm oil, which also fell significantly in price on the first day of trading in the new year. On the local cash markets, rapeseed meal prices are somewhat weaker than in the last week of December, but are still at a high level. Canola also fell noticeably at the start of the year on the ICE in Winnipeg and closed with a loss of Can$10.30 in March. This is now trading at 643.10 Can dollars/ton (440.27 euros/t), its lowest level since June 2023.

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