Germany exports more rapeseed oil

The gains in rapeseed contracts from Wednesday were completely wiped out again on yesterday's trading day. The November contract closed with a setback of 9.50 euros/t at 439.50 euros/t and is therefore also trading below the price from last Friday, when the November contract was still at 444.75 euros/t at the closing bell on the scoreboard. Less news from the rapeseed market itself was responsible for yesterday's decline. Rather, the overall weak market environment for raw materials and agricultural products weighed on price developments. Canola in Winnipeg also showed noticeable losses, also because Canadian farmers are making good progress with the harvest. Palm oil and soybean oil also continued their downward trend over the past few days, thereby also weighing on local rapeseed prices. New figures from the Union for the promotion of oil and protein crops show that Germany was able to export around 19 percent more rapeseed oil in the past financial year than in the previous financial year. The most important buyer of German rapeseed oil is the Netherlands, which purchased around 714,000 tons in this country. German exporters were able to gain market share, especially in Denmark and Norway. In total, almost 1.3 million tons of rapeseed oil were usedexecuted.

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