Rapeseed and canola are starting the new week stronger

Rapeseed rose at the start of the week. The leading May contract closed 7 euros higher at 443.24 euros/t. Support continues to come from weaker expectations for the 2024 European harvest. Stocks in both Germany and France are likely to have suffered from the weather developments at the beginning of the year. For Germany, the German Raiffeisen Association recently expects rapeseed production of 3.93 million tonnes in its first harvest estimate. This is 6.9 percent below the previous year. Both the smaller cultivated area (1.11 million hectares, previous year 1.16 million hectares) and lower yields per hectare are responsible for the lower harvest estimate. Canola was also able to gain slightly on the ICE in Winnipeg and, above all, benefited from rising crude oil prices. Palm oil also rose at the start of the week on the Malaysian stock exchange and was able to support rapeseed and canola prices.

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