Rising prices for canola in Canada maintains quotes rape

According to the agriculture Ministry of Canada, the three largest agricultural regions of the country has almost completed sowing of canola, despite the cold spring caused a delay in the construction. Last week there were floods and strong winds which slowed the development of crops of canola and is not possible to treat them with herbicides and insecticides. Precipitation improved soil moisture in areas suffering from drought, but in some places they were in excess of 70-80 mm, which led to flooding.

Bad weather has not affected the development of crops. To normal for this time of year, stage of development are 79% of winter cereals, 70% of spring cereals, 63% oil and 80% of grain crops, while conditions for most of the harvest was estimated from satisfactory to good.

Next 7 days in Western Alberta, Central Saskatchewan and Manitoba will be heavy rains that will slow the growth of canola crops. Owing to difficult weather conditions prices for canola in Canada since the beginning of June rose by 4% to CAD 476,2/t or 351,6 $/t and closer to the maximum annual level in January amounted to 484 CAD/t

After Friday's explosion at the plant for processing rapeseed, ADM company near London prices for rapeseed oil in Europe has increased in 775-785 €/t against the background of rising prices for canola has led to a rise in the cost of the August futures on rapeseed on Euronext Paris 2.25 €/t to 382,5 €/t. However, the dollar price remained at the level of 430,98 $/t as the Euro recovered against the dollar to 1,1267 $/€.

Import of rapeseed in the EU for the week was 60.56 thousand tons and since the beginning of the season reached 5.8 million tonnes, which is 42% higher than the corresponding figure last year.

the slowdown in the production of rapeseed in Ukraine and the EU supports the procurement prices in domestic ports at a high level 410-415 $/t or 12700-13100 UAH/t. Precipitation of the last days stopped the harvest in the South of the country. Now excessively wet crops will need time to dry, and in some cases have to carry out desiccation.