Yesterday we went north for rapeseed. The front month of May increased by 3.75 euros/t to 417.25 euros/t. The subsequent contracts were able to gain less significantly, with August trading at 416.75 euros/t with a profit of 1.00 euros and thus below the level of the current front month. Support for canola came from Australia. As the Abares agricultural authority announced, the rapeseed harvest will be around 5.7 million tons, 200,000 tons less than previously expected. This means that last year's record production is 1/3 below, but farmers Down Under are still able to reap the third largest harvest in history. There were also new estimates for Europe. The analysis house Strategie Grains yesterday lowered its forecast for the 2024/25 European harvest to 18.3 million tonnes. That is 100,000 tons less than the last estimate had expected. In particular, a smaller cultivated area in France compared to the last estimate is responsible for the decline in the estimated value. Friendly developments in the soybean market in Chicago and rising canola prices on the ICE in Winnipeg provided additional support.
Source
VR AGRICULTURE
