Friendly development in rapeseed and canola

Rapeseed was also able to sell at a higher price yesterday, although the markups were only marginal. The most traded May contract closed 0.25 euros higher at 422.50 euros/t, the August contract ended the third trading session this week unchanged. In Canada, canola also headed north. The leading May contract closed here with a gain of 3.60 Can dollars at 598.90 Can dollars/t and thus at a converted rate of 406.65 euros/t. New figures from Statistics Canada are expected on Monday. Analysts are expecting a correction in the cultivated area for the coming harvest. This is expected to be below last year's figure of 22.1 million acres. In addition, new export rumors about a wave of Chinese purchases in Canada are fueling prices. New figures on global canola supply are also expected at tomorrow's USDA WASDE. In the last WASDE reports, the global rapeseed harvest was increased marginally. That could be the case this time too, as conditions in Australia in particular have improved significantly. Nevertheless, the Australian production forecast is well below the record values of the two previous years.

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