After the release of the USDA report, rapeseed prices increased by 3.3%, and rapeseed – by 7%

In the August balance sheet, USDA experts lowered their forecast world rapeseed production in 2021/22 MG by 4.165 million tons to 69.97 million tons, which is 1.83 million tons lower than in 2020, primarily due to a decrease in the forecast of the canola harvest in Canada by 4.2 million tons to 16 million tons (19 million tons in 2020/21 MG).

On the day of the report's release, the market almost did not react to its data, as traders expected a more significant decline in forecasts. However, since Friday, quotes have resumed growth amid a sharp rise in the price of vegetable oils and low sales rates from producers on all continents.

• November canola futures on the Winnipeg Stock Exchange rose 6.9% in two sessions to 937.5 CAD/t or 7 744/t, and approached the record level of 1000 CAD/T, which was reached by July contracts.

Precipitation in the prairies of Canada replenished the reserves of soil moisture and contributed to the filling of grain, but will not significantly improve the prospects for the harvest.

Forecast World Trade rapeseed and canola were reduced by 3.1 million tons to 14.11 million tons. in particular, the forecast for canola exports from Canada was lowered by 3.2 million tons to 6.9 million tons and rapeseed from Ukraine by 0.15 million tons to 2.55 million tons, which partially compensates for the increase in exports from Australia by 0.25 million tons to 3.45 million tons.

The forecast for rapeseed imports was lowered for the EU by 1.25 million tons to 5.2 million tons, China – by 0.7 million tons to 2.1 million tons, Japan – by 0.2 million tons to 2.1 million tons,Pakistan – by 0.28 million tons to 0.5 million tons, the United Arab Emirates – by 0.3 million tons to 0.9 million tons and Mexico – by 0.175 million tons to 1.2 million tons.

• Following canola prices, November rapeseed futures on Paris Euronext have risen by €18.5/ton since Friday to €574/ton or € 675.8/ton. however, rapeseed is still дешев 70/ton cheaper than canola.

In Ukraine, purchase prices for rapeseed yesterday in ports increased to 6 660-665/ton or UAH 19800-20000 / ton, which corresponds to the psychological level that producers expected, so it can boost sales.

In 7-10 days, sunflower harvesting will begin in the south of Ukraine, which in case of high yields will increase pressure on the prices of oilseeds.