Lack of precipitation and hot weather forecast again raises canola quotes up

Last week in the Canadian Prairies in the canola growing zone there were light rains, but their number was lower than expected, and hot weather forecasts for the coming week increase concerns about the future harvest, which was reflected in the growth of quotations on the stock exchange.

November canola futures on the Chicago Stock Exchange, after falling 7% at the beginning of last week, resumed growth on Wednesday and reached 878 CAD/t (п'ятниці 704.4/t) by Friday, a total jump of 5.7% for the week, and 20% for the month. Recall that July canola futures in early May reached the level of 1000 CAD / ton against the background of adverse weather and lower stocks in Canada.

 Rapeseed quotes on the European Exchange Euronext also followed canola prices, recovering from the collapse and from Wednesday to Friday, August futures rose by 21.5 €/ton to 527.25€/ton (6 625.66/ton), in general, for the month growth was about 3.4%, although for the week they decreased by 1.8%.

Purchase prices for rapeseed in Ukraine last week decreased to the level of 5 570-580/ton (17800-18000 UAH/ton) with delivery to the port, but by Friday they slightly increased to the levels of about 6 600/ton.

The recovery in oil prices, as well as a 3.2% increase in palm oil prices on the Malaysian stock exchange on Friday, will continue to support rapeseed prices this week.