ICE Canola Back Above $800 Can

Rapeseed was able to continue its recent upward trend on Friday and closed the most traded November contract with a daily gain of 6.25 euros/t at 474.50 euros/t. This means that rapeseed is also valued significantly higher on a weekly basis. On Friday of the penultimate week of trading, the contract closed at EUR 456.25 per ton. As a result of the firmer stock exchange prices, the spot market prices also increased at the wholesale level. Prices for rapeseed meal remained largely unchanged at the end of last week. On the ICE in Winnipeg, Canlo surpassed the psychologically important $800 mark in the November contract. With an increase of 5.30 CAN dollars and a closing price of 800.50 CAN dollars/per ton, things started to firm up for the weekend. Support came in particular from the soybean market, but crude oil has also recently picked up again, giving rapeseed and canola a tailwind.

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