05.
02.24
09:28

The EU Commission estimates the rapeseed harvest at 19.83 million tonnes

The rapeseed prices on Euronext/Matif showed red signs on Friday. The new front month of May fell by 6.75 euros to 416.00 euros/t. The contracts therefore follow the specifications for competing vegetable oils. Palm oil in Malaysia fell for the fourth trading day in a row and soybean oil also showed red signs as in the past few days. In addition, falling crude oil prices also put pressure on sales of rapeseed. Canola in Canada fell below the key $600 mark on Friday for the first time since September 2020. Here there was a loss of 9.10 Can dollars to 592.10 Can dollars/t, which corresponds to a converted price of 407.48 euros/t. Usually canola prices in Winnipeg are higher than those of Matif in Paris. New figures on the overall global oilseed supply situation are expected on Thursday. At 6:00 p.m. CET, the USDA will publish a new WASDE report and will also address rapeseed production in this context. Last week, the EU Commission estimated the 2023 rapeseed harvest at a provisional 19.83 million tonnes. This means that the harvest quantity is around 15% above the long-term average.

Source
VR AGRICULTURE
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