Weak canola exports in Canada

After an overall firmer week, rapeseed prices on Euronext/Matif went south on Friday on the last trading day of the past week. The February contract closed with a setback of EUR 9.50 at EUR 441.25/t. The subsequent contracts fell to a slightly smaller extent. In particular, the correcting soybean prices in Chicago and heavy losses in canola sent rapeseed prices out of the trading day with a red sign. At the weekend, the EU Commission increased its production forecast for the completed harvest by 100,000 tons to 19.9 million tons. Prices for rapeseed have recently risen slightly on the cash markets. This is also justified by declining imports from Ukraine. Canada exported 87,000 tonnes of canola last week, which was the weakest weekly value of the current season. Even from the perspective of the entire season so far, the export figures are significantly behind those of the previous year. The minus is 23.3 percent. New figures on stocks and harvests in Canada are expected today from the Canadian statistics agency.

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