Canola may firm - worry about remaining stocks

After the setbacks of the past few days, the dates of the current season were able to be fixed again yesterday. The November date rose to a price of 461 euros/t, which means a daily increase of 2.75 euros/t. Quotations on the cash markets have also increased slightly, and the price structure for rapeseed meal has also increased regionally. There are reports everywhere of a significantly more lively demand for oilseed meal, especially for prompt deliveries. Concern about the areas that have not yet been harvested and their qualities also play a role. Most recently, the EU Commission had revised the forecast for the European rapeseed harvest significantly downwards and issued a harvest volume of 19.43 million tons. At the end of April, 20.2 million tons were still expected. This year's rapeseed harvest would thus be below the volume of the previous year (19.54 million tons), but still exceed the long-term average by 12.65 percent.

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