09.
11.23
08:56

Self-sufficiency with oilseeds in Germany is increasing

Yesterday, rapeseed was able to make up for some of Tuesday's losses. The front month of February 2024 rose by 2.25 euros/t to 441.25 euros/t. However, the increases for subsequent contracts were lower. New data from the Federal Office for Agriculture (BLE) shows that self-sufficiency in Germany has increased significantly in recent years. While this was 30 percent in the 2019/2020 financial year, it will be 45 percent in 2022/23. This value was last reached in the 2017/18 financial year. The first estimates of the cultivated area for 2023/24 are to be published at the Agritechnica trade fair in Hanover next week. In advance, market observers assume that not much has changed in the area under cultivation compared to the last harvest. On the cash markets, producers' willingness to sell remains low, and despite full capacity at the oil mills, they also show little need for the rest of the week. After a friendly start to the day, Canola headed slightly south on the ICE in Winnipeg. Here the prices were particularly affected by weaker crude oil prices.

Source
VR AGRICULTURE
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