USDA still expects 19.4 million tons of EU oilseed rape

The current downward trend in rapeseed continued on the first trading day of the new week. The front month of November lost 9 euros and closed at 447.25 euros/t. The fact that the USDA in the WADE report is still assuming a European harvest of 19.4 million tons is a burden, as is the higher yield prospects in the Ukraine. The latter is currently registering ships for a humanitarian corridor across the Black Sea. These ships are to be escorted across the Black Sea to international waters under the supervision of the Ukrainian military. In addition, the weak targets for soya and palm oil weigh on rapeseed prices. Crude oil was also weaker yesterday. Canola in Canada is likely to be plagued by heat this week with very isolated showers forecast for the prairie. Prices on the ICE in Winnipeg rose yesterday.

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