Environment puts pressure on rapeseed

There were significant losses in rapeseed trading yesterday; the February contract closed at 435.50 euros/t, a loss of 8.75 euros/t compared to Tuesday. The subsequent contracts also recorded losses of between 6.50 and 8.00 euros per ton. Increased harvest forecasts for Australia and Canada weighed on the market. But the repeated negative specifications for competing vegetable oils, falling crude oil prices and the price development in the soy complex are also weighing on the price development of rapeseed on the stock exchange. As expected, the situation on the local cash markets remains calm. At the wholesale level, rapeseed prices and rapeseed meal prices have increased slightly again. Canola on the ICE in Winnipeg fell yesterday by a significant 15.70 Can dollars to a closing price of 649.90 Can dollars/t, which corresponds to a converted price of 443.69 euros per ton. Canola has thus significantly reduced its otherwise classic difference to European rapeseed in recent weeks. Tomorrow evening, the USDA will release new production and consumption data as well as estimates of ending stocks as part of WASDE. Most recently, the USDA slightly increased the harvest volume in November compared to October, but still saw the global harvest below the previous year's level.

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