Rapeseed had a friendly start to the new week. The front month of August rose by 2.75 euros/t and closed the first session of the new week at 484.75 euros/t. Next year's futures, on the other hand, left trading unchanged from Friday. The lower harvest forecast for Europe, which is expected both in the WASDE report and in the EU Commission's own estimate, supported prices. According to the USDA, Europe's import requirements are also likely to increase in line with the lower harvest expectations, as demand for rapeseed remains constant at 25 million tons, but the harvest only appears to produce 19 million tons. Rapeseed meal remains in manageable supply in the short term this week. However, the futures curves on the cash markets indicate that prices will fall as the year progresses. Canola benefited in particular from rising prices for soybean oil and palm oil yesterday and continued its upward trend.
Source
VR AGRAR
