USDA expects less canola in Canada

Rapeseed was unable to maintain Friday's positive trend at the start of the week. The most traded May contract closed 3 euros lower at a closing price of 442.75 euros/t. Falling crude oil prices and weak forecasts from the soy complex are weighing on oilseeds. Vegetable oils in general have been under selling pressure in recent trading days. Palm oil and soy oil have also lost prices for the third day in a row. The USDA published a new production estimate of 18.3 million tonnes for Canada. The USDA had previously forecast around 500,000 tonnes more. The ministry attributes the drop in production to lower yields per hectare. Canola on the ICE in Winnipeg followed the prices in Paris and fell slightly at the closing bell.

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