Canola: Rain causes cooling

Rapeseed lost ground on the Paris stock exchange on Ascension Day. At the same time, the May contract left the trading floor. The new front month of August was quoted at 475.75 euros/t at the closing bell, a loss of 4.75 euros. Overall, oilseeds and vegetable oils were under selling pressure yesterday. In western Canada, which has been dry recently, rainfall brought relief to canola producers. New figures on the global rapeseed harvest are expected at today's WASDE. In April, the USDA last estimated global rapeseed production in 2023/24 at 88.385 million tons, 500,000 tons lower than in 2022/23. At 7.81 million tons, global ending stocks were also around 500,000 tons lower than at the end of last season. Palm oil in Malaysia was also trading in the red yesterday, as was the entire soy complex.

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