The IGC reduced the forecast of rapeseed production in 2018/19 Mr
In the may report, the IGC forecast world rapeseed production in comparison with the previous report, decreased by 1.7% or 2.1 million tons to 73.3 million tons, primarily due to the reduction of the crop in the EU, Canada and Australia.
the Agency's Mars in the may report have reduced compared to the April forecast evaluation of the yield of rapeseed in the EU from 3.33 t/ha to 3.19 t/ha, as the flowering phase took place in the period of hot and dry weather. This figure will be 1.8% lower than last year and 2.9 percent less for long-term average.
While global consumption of rapeseed will exceed production and will increase compared to the previous year by 1.6% to 74.3 mln t, mainly due to increased demand from China, which prospects their own crops worsen.
therefore, global stocks of rapeseed in 2018/19 Mr will continue to decline and will decrease by 16% to 5.4 million tons.
Complex trade relations between the United States and other countries, individual political decisions increase the volatility of oil markets and vegetable oils.
the Increase in oil prices this week from 75 to 77 $/bbl, supported prices at 2429 Ringgits/t or 610,3 $/t palm oil in Malaysia, and 690 $/t, for soybean oil in Chicago.
On may 20, Euronext August rapeseed futures rose from 343 to 363 €/t, but yesterday, under pressure from the strengthened Euro, fell by 3 €/t to 357,75 €/t or 417,82 $/t
For two days the price of canola in Chicago fell from 538 to 532 CAD/t or 410,3 $/t due to improved weather conditions in Canada.
in Ukraine In rapeseed new crop with delivery in July are offered at the port 405-410 $/t