Unchanged global production perspective for rapeseed

Rapeseed stopped its backward movement yesterday. At the closing bell there was an increase of 3.50 euros/t in the front month on the Euronext/Matif display board and a closing price of 415.00 euros/t. The subsequent February contract closed 2.50 euros higher at 432.50 euros/t. Positive guidance from the soy complex supported trade. In the updated report on the world oilseed market at WASDE yesterday, Thursday, the USDA continues to assume global rapeseed production of 85 million tons, 3 million tons less compared to the previous year. For Europe, the ministry increased the forecast by 400,000 tons to 20 million tons, while the EU Commission itself expects 19.6 million tons. In Canada there are also different values between the USDA and the local agricultural authority. The USDA expects a Canadian harvest of 17.8 million tonnes, the Canadian authorities at 17.4 million tonnes. Ukrainian production was also increased and was seen at 4.2 million tonnes, up 800,000 tonnes from the September estimate. As part of the bullish market data for soy and positive indicators in Europe, Canadian rapeseed prices also rose yesterday at the ICE in Winnipeg.

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