USDA increases global rapeseed production by 317,000 tons

Rapeseed was also unable to escape the negative overall market yesterday. The front month lost 1.75 euros at a closing price of 451.50 euros/t. In the most traded August term, a more significant loss of 4.50 euros/t was on the scoreboard. The closing price here is 456.50 euros/t. As part of the WASDE, the USDA also published the "Oilseeds-World Markets and Trade" report. In it, the production expectations for rapeseed in the 2023/24 season were revised slightly upwards. The USDA is currently expecting a global production volume of 88.385 million tons. In March, the production forecast was around 317,000 tons less. Adjustments were made primarily by the smaller rapeseed producers. The USDA still estimates the EU harvest at 20 million tons and 18.8 million tons for Canada. Canola went significantly southwards yesterday at the ICE in Winnipeg. Here, the front month of May lost 14.50 Canadian dollars with a closing price of 624.30 Canadian dollars/t (425.59 euros/t).

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