Global rapeseed production is expected to be lower

Rapeseed lost significantly yesterday. The November contract went south by 14 euros to 430.50 euros per ton. The weak specifications from the soy market overall and for vegetable oils weighed on the price. The seasonal harvest pressure in Canada has an additional impact on the market. In yesterday's WASDE report, the USDA lowered its forecast for global rapeseed production by around 900,000 tonnes to 85.18 million tonnes. Harvest volumes were reduced in Europe, Canada and the United Kingdom. For Europe, the ministry now expects a harvest of 19.7 million tons; in the August report there were still 20.2 million tons on the list. The harvest quantity was also reduced for Canada. 18.2 million tonnes are expected to be removed from the fields here; last month the USDA expected 19 million tonnes. However, harvest volumes in Australia, Ukraine and Pakistan increased. New impetus for the market could come from the Statistics Canada on Thursday, which will then update its monthly report.

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