Little adjustment in rapeseed production expectations

Rapeseed is weaker from the week that has now ended. On Friday, the most traded February date went south by 7.00 euros to 419.00 euros/t. This means that the front month has lost 19 euros/t or 4.34% since the beginning of the year. There were only a few changes for rapeseed in the Oilseed report as part of the January WASDE. The global harvest volume increased by around 100,000 tons to 87 million tons, which is 2 million tons less than the previous year. For Europe, the rapeseed harvest was revised slightly downwards. The USDA expects production here to be 2.05 million tons, 50,000 tons less than in December. At the end of December, the EU Commission itself estimated the 2023 rapeseed harvest at 19.82 million tons. The USDA did not adjust the figures for Canada and continues to expect a harvest of 18.8 million tonnes. Despite the losses in soybeans, canola on the ICE in Winnipeg ended Friday with green signs and recovered somewhat from the heavy losses of the previous days. At the closing bell, the price on the display board was 627 Can dollars (426.55 euros/t), which was 4.60 Can dollars more than on Thursday. Trading remains manageable on the local cash markets.On Friday, however, nominal spot market quotations went north slightly at the wholesale level. Rapeseed free of charge at Ölmühle Hamburg for deliveries in February is currently quoted at 423 euros/t.

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