IGC expects rapeseed production deficit

Raps went into correction mode yesterday. The front month of November closed with a setback of 7.25 euros/t at 445.00 euros/t. Profit-taking after the previous day's strong gains was one reason for the setback. However, looking at the week so far, there is still an increase. The International Grain Council has updated its forecasts for the global rapeseed harvest and expects production of 84 million tonnes in the current season. The harvest is therefore smaller than in the previous year, when 4.7 million tonnes more were taken from the fields. Unlike the USDA, however, the IGC expects consumption to rise significantly to a record-breaking 86.1 million tons, resulting in a production deficit of 2.1 million tons. Last year there was a global production surplus of around 3.7 million tons. Compared to the previous year, the Grain Council cut production primarily in Canada and expects 16.5 million tons here. In Australia, harvest forecasts have also been significantly reduced. For Europe, the IGC expects a harvest of 19 million tonnes, 500,000 tonnes less than in 2022/23. Canola on the ICE in Winnipeg also showed significant losses yesterday.Here too, the reasons are profit-taking and declining trends in vegetable oils.

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