Significant price jump for rapeseed

An overall friendly market environment for oilseeds and vegetable oils caused rapeseed to jump significantly yesterday. The front month on Euronext/Matif rose by 15 euros per ton to now 446.25 euros/t. Impulses came from both the soy market and Canadian canola. As expected, the statistics authority CanStat has revised the forecast for the local harvest downwards by 200,000 tonnes to 17.4 million tonnes. This means that production this season is likely to be a good 1.3 million tonnes lower than last year. Demand for rapeseed meal on the domestic cash markets is currently described as restrained. Prices have recently trended weaker and are given a national average of 275 euros/t. As with grain, compound feed manufacturers only order on sight and, above all, for short-term needs. At the same time, the offer is rated as above average. Additional support also comes from the crude oil markets. WTI climbed above the $90 mark yesterday. The North Sea Brent rose by 2.24 US dollars to 94.41 US dollars/barrel.

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