Rapeseed: Global area decline expected

Rapeseed prices benefited on Friday from lower production forecasts from the International Grain Council. The now most traded May contract went north by 3.25 euros/t to 432.00 euros/t on Friday. In a recent forecast, the International Grain Council downgraded the global area under rapeseed cultivation by 1.5 percent to 42.4 million hectares compared to the previous year. Nevertheless, the area estimate is above the long-term average. According to IGC information, there is likely to be a decline in area of 2.7 percent for Europe. Rapeseed cultivation is likely to have shrunk particularly sharply in Ukraine, where an area decline of up to 22.5 percent is expected. IGC exports have also lowered the forecast for Russia. At the ICE in Winnipeg, Canola was also able to leave the trading session slightly more positive on Friday. The most traded April contract shows a rate of 624.20 Can dollars/t, which corresponds to a converted rate of 428.60 euros/t. Typically, Canadian canola prices are much higher than European canola prices.

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