Damage to rapeseed cannot yet be quantified

Things went slightly south for rapeseed yesterday. The front month of May 24 closed 1.75 euros/t lower at 414.25 euros/t. Oilseeds could not benefit from the positive conditions in the soy market yesterday. Prices on the cash markets also fell at the beginning of the week. However, there is little trading, which is why the quotations are to be interpreted more nominally. At prices of 420 euros/t, producers are mostly unwilling to sell their goods. The coming rapeseed harvest in Germany is currently estimated at 3.9 million to 4.0 million tons. However, it is still questionable to what extent the flood situation in many regions around Christmas caused lasting damage or destruction. According to data from the Federal Statistical Office from last autumn, rapeseed was grown on an area of around 1.1 million hectares. This means that the area is around 4.7 percent smaller than in 2022/23. Canola in Winnipeg gained yesterday, but was unable to regain the important mark of 600 Can dollars.

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