USDA sees global canola harvest 10 million tons better than last year

Soybeans were also under selling pressure yesterday and lost significantly. On the other hand, slightly firmer price tendencies are evident pre-market today. While the weather remains a concern for growers, the weather outlook has stabilized further and could help crops grow. The losses were slowed down by the USDA's reporting system for exports: Mexico bought 228,606 tons of soybeans from the US from the upcoming harvest. Raps also fell yesterday. Stressed by the specifications for vegetable oils and the crude oil market as a whole, the November date on the Euronext/Matif lost EUR 7.75 per ton yesterday. The USDA estimated the EU rapeseed supply slightly better in the last WASDE. Australia's harvest could again be revised down. With a value of 3.9 tons, the USDA expects a record harvest for Russia, which is 1.1 million tons above the previous year's harvest. According to USDA estimates, the global rapeseed harvest is likely to be 10 million tons higher than in 2021. EU rapeseed imports are expected to be slightly above the previous year's level at 5.6 million tons.