Rapeseed meal tends to be firmer

Rapeseed increased in the middle of the week. The front month of May gained 5 euros per tonne. However, the August contract has now become the most traded contract. This rose by 4.75 euros to 461.00 euros/t. A generally friendly market environment supported prices. Soybean oil also increased and the prices for Brent and WTI also firmed again yesterday. Rapeseed prices are also tending to be firmer on the spot markets, even if business activity is still manageable. There is still good demand for rapeseed meal, the supply situation is more generous than a few weeks ago, but over the course of the week there are also signs of firmer price trends at the wholesale level. Canola on the ICE in Winnipeg closed mixed yesterday. The May contract tended to be in losses, while later contracts were able to gain slightly. Before today's WASDE, Canadian traders are mostly keeping a low profile. A new assessment of global rapeseed supplies is also expected as part of the report. Most recently, at the beginning of March, the USDA had forecast global rapeseed production in the 2023/24 season to be 88.068 million tons, consumption is estimated at 87.69 million tons, and stocks were seen lower in March than in the previous year.

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