Harvest pressure weighs on Canola

Rapeseed ended Friday trading with losses. The most traded November date closed with a daily decline of 5.50 euros at 449 euros/t. The main reasons given for the decline are weaker targets for Canadian canola and generally weaker prices for vegetable oils. The local cash markets have recently seen falling prices for both rapeseed and rapeseed meal. Overall, however, the rapeseed trade is generally calm. Many producers had concluded forward contracts with their traders, and in the context of the volatile market environment, many market participants are also waiting for further price developments. Canola in Winnipeg also went south on Friday. Harvest operations are progressing well on the prairie, putting downward pressure on prices. In the province of Saskatchewan, around 23 percent of the cultivated areas should be harvested by the weekend.

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