Raps in correction mode

After the upward movement of the past few weeks, rapeseed went into correction mode yesterday. At the end of the first trading session of the new week there was a loss of 8.25 euros/t and a closing price of 465.25 euros/t on the Euronext/Matif display board. Even though there was a lack of guidance from the soy trade and the canola trade in Canada paused yesterday, there was still enough news that caused the correction. For example, the Ukrainian Grain Association estimates the rapeseed harvest to be higher and is now expecting a production of 4.8 million tons. The sunflower harvest is expected to be 13.9 million tons and soy, the third most important oilseed crop in the Black Sea country, is also expected to be harvested slightly better than last year at 4.8 million tons. For Australia, the agricultural authority there expects production of 5.2 million tons. Although that is 38 percent less than the previous year, which was particularly good, it is still above the average of the last 10 years. Recently, however, the northern stands Down Under in particular have been affected by drought. Canola trading starts again on the ICE today. There is a slight minus here today before the trading session.

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