Thumbs down for Canadian canola production 24/24

Yesterday, rapeseed rose by 5.75 euros/t in the month of May 2024. At the closing bell, 452 euros were on the display board of the Paris stock exchange. Rapeseed was able to benefit from the requirements for soy but also from the development of vegetable oils as a whole. The Canadian Ministry of Agriculture expects canola production of 18.1 million tonnes for the 2024/25 season and, in addition to the harvest forecast, also cut the estimate for ending stocks, which in turn caused canola prices on the ICE i Winnipeg to rise. According to the Ukrainian industry association UGA, the 2024/25 rapeseed harvest there is expected to be around the same level as the previous year at 4.2 million tons. Sunflower production in Ukraine, on the other hand, is expected to be around 3.5 percent lower. However, soybean cultivation in the country on the Black Sea could benefit from this.

VR Agriculture
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