Reverse gear in rapeseed stops

Rapeseed remains in the loss zone. With a setback of 6.50 euros/t in the most traded February date on Euronext/Matif, the contract was quoted at 421.25 euros/t at the closing bell. Calm cash market demand and falling prices for oil meals and vegetable oils also weighed on price developments yesterday. Rapeseed meal ex works in Hamburg is currently priced at 283 euros/t, which is around 6 euros lower than at the end of last week. Prompt rapeseed meal on the Lower Rhine is quoted at 274 euros/t and in Straubigen 288 euros/t is quoted for deliveries in February. By October 22nd of the current marketing year, Europe's importers had imported 1.34 million tonnes of rapeseed, and 314,380 tonnes of rapeseed meal were also imported. This means that significantly less rapeseed was imported than in the previous year, but significantly more rapeseed meal. Just over half of imports come from Ukraine, followed by Australia. In Australia itself, yield forecasts have improved due to abundant rainfall, which is putting additional pressure on prices for rapeseed and canola. In Canada, canola fell slightly. The Ministry of Agriculture there yesterday confirmed its forecast for the final stocks for the 2022/23 season at 1.5 million tons.

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