Rapeseed holds its own

Rapeseed went out of trading in the front month of February 24 with a profit of 2.50 euros/t and closed at 441.50 euros/t. On a weekly basis, the oilseed moved sideways. In the monthly WASDE report, the USDA adjusted global rapeseed production upwards and now expects a harvest of 86.979 million tons. In the November report there were still 85.579 million tonnes on the balance sheet. Nevertheless, this year's harvest remains behind last year's production. There were significant adjustments to the production figures for Canada, where the USDA now expects canola production of 18.8 instead of 17.8 million tons. The European harvest is expected to remain unchanged at 20.1 million tonnes. Europe's imports are estimated to be slightly higher, expected to be 200,000 tonnes higher at 5.3 million tonnes. Better weather conditions have also brightened the production forecast for Australia. On the ICE, canola headed south due to higher production forecasts and higher global ending stocks. The negative requirements from the soy complex also had a particularly negative impact on Canadian canola.

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