Europe's rapeseed harvest is likely to be smaller than expected

Rapeseed sales were comparatively moderate on Friday. At the closing bell there was a price of 442.50 euros/t on the display board of the Paris stock exchange for the front month of November 2023. The subsequent contracts fell slightly more. Overall, the course of trading was primarily influenced by the requirements for vegetable oils. Soybean oil was also negative on Friday and palm oil in Malaysia also fell. Canola on the ICE in Winnipeg also fell significantly on the second trading day in a row, losing 8.50 Can dollars and closing at 707.00 Can dollars (492.79 euros/t). On Friday, the EU Commission again adjusted its forecast for this year's rapeseed harvest downwards and now expects 19.55 million tons instead of 19.9 million tons. Due to lower harvest expectations, EU rapeseed imports are likely to increase slightly compared to previous expectations and are now estimated at 5.8 million tonnes. The Commission therefore expects fewer rapeseed imports than in the previous year, when around 7 million tonnes were imported into Europe.

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