13.
11.23
09:21

WASDE is also having a depressing effect on the rapeseed market on Friday

Rapeseed fell by 3 euros per ton to 429.50 euros/t in the front month of February. This means that the weekly loss has increased to 15.50 euros/t. On Friday of the previous week, the contract for February 2024 was still trading at a closing price of 445 euros/t. The latest forecast from the WASDE report also caused pressure to sell on Friday. In the WASDe report, the global harvest volume was estimated to be slightly higher than the October estimate. In Russia in particular, the harvest forecast was increased by 500,000 tons to 4 million tons. The USDA also adjusted its forecast for Europe upwards by 100,000 tons. On the cash markets, rapeseed meal prices have remained consistent with the federal average over the last few weeks. On average, this is valued at 290 euros/t, which is another 9 euros more than was determined the previous week. Demand from compound feed manufacturers for rapeseed meal has increased, also because soybean meal has recently become significantly more expensive. However, soybean meal prices did not rise any further last week. An increasing demand for rapeseed for oil production is also noticeable, but is not yet having a lasting impact on the price structure.

Source
VR AGRICULTURE
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