The fall of the market of soybeans weighs on prices for rapeseed
the Decline in world prices for palm and soybean oil due to the imposition of import duties from India and China continues to put pressure on the price of rapeseed.
But traders while the more actively watching the weather in Canada and Australia, where drought can reduce yield of canola. Meteorologists next week promise Canada normal temperatures with little precipitation and then the temperatures are reduced, which will contribute to a good harvest.
the Lack of precipitation in Australia reduces the prospects of rapeseed crop. According to expert estimates, ABARES, acreage Canalou in Australia will be reduced by 10%. Experts of Oil World downgraded the forecast for production of canola in Australia in 2018/19 MG to 3.25 million tonnes, which is 0.5 MMT less than in 2017/18 MG (3.75 million tonnes) and 1.15 million tons less than in 2016/17 MG (4.4 million tons).
the Price of canola in Chicago remains stable at 510 CAD/t or 383,5 $/t
European experts have reduced the forecast yield of rapeseed in the EU from 3.19 to 3.05 t/ha across the arid conditions in Eastern Europe. The price of rapeseed on the MATIF continues to recover from a fall Monday, the week added 4,5 €/t and is trading at 353,25 €/t, but due to the growth of the Euro price in dollars rose to 411,15 $/t for deliveries in August.
Ukraine has favorable weather conditions to obtain a predicted yield of oilseed rape at 2.1-2.2 MT that continues to put pressure on purchasing prices, which from the beginning of the week fell to 383 to 385 $/t or 12000-12100 UAH/t with delivery to the port. Mass harvesting of rapeseed will begin in July, therefore, the growth of prices for Ukrainian rapeseed in the short term while which is unlikely.