DRV hardly changed the rapeseed forecast

The rapeseed contracts closed the penultimate trading day of the new week on a friendly note. With an increase of 10.25 euros/t, the most traded November contract went up to 481.25 euros/t. The reduced yield forecasts in the WASDE report on Wednesday also provided support yesterday. Even if hardly anything has changed from a global perspective, the forecast provides support. The German Raiffeisen Association has adjusted its rapeseed forecast for this year's rapeseed harvest slightly downwards. In the 16 federal states, a total of 4.141 million tons of rapeseed are to be harvested, according to the June estimate. From the point of view of the individual federal states, there are heterogeneous developments. While the yields per hectare were increased in Bavaria and Mecklenburg-Western Pomerania, the forecasts for Lower Saxony and North Rhine-Westphalia remain unchanged from the June estimate. Yields were reduced in Hesse, Rhineland-Palatinate, Saxony and Schleswig-Holstein, for example. In Canada, the weather forecast has not changed. Concerns about drought and the associated damage to stocks continue to be an issue for market participants. Accordingly, Canola also rose yesterday and surpassed the mark of 800 Can dollars in the November contract.

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