Rapeseed area in Europe is decreasing

Rapeseed can increase again yesterday. The front month May 24 rises by 2.50 euros to 44.25 euros/t. Prices were even firmer until the early afternoon, with the May contract trading at a daily high of 454.50 euros/t. The friendly guidelines from the soy complex and the further rising prices for crude oil are supporting. The EU Commission's lower expectations for the coming rapeseed harvest in Europe are also providing tailwind. In the latest forecast from the end of last week, the Commission estimated the coming harvest at 19.46 million tonnes. In the previous year, production was 19.81 million tons. Nevertheless, the long-term average is exceeded by 9.53 percent. Canola fell slightly yesterday. More snowfall is forecast for the Canadian prairies, but it is currently too dry in the eastern growing areas. Recently, Canola in Winnipeg was able to benefit from higher expectations for export business.

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