Oilseeds continue to correct

Oilseed prices continued to correct across the board on Friday. Both the rapeseed contracts on the Euronext and the canola contracts on the Winnipeg stock exchange had to end trading with up to double-digit losses. Heavy rainfall in the prairies of Canada brought relief at the weekend, although the weather forecast for the coming days remains unfavorable. The USDA expects that around 87.4 million tons of rapeseed will be harvested globally in the current FY 23/24 and thus slightly increases the previous forecast (+200,000 tons). Global consumption also increased by 0.5 million tons to 85.7 million tons. The largest producer is Canada, after the expectations for the EU were revised downwards due to the unfavorable cultivation conditions.

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