The price of rapeseed is growing despite the increase in production
Yesterday on Euronext, the price of rapeseed grew by 2.75 €/t to 373,25 €/t or 439,43 $/ton, the highest level of the past two months.
the Reason for this growth was the increase in the price of oil down to 59 $/barrel and the growth of quotations of palm oil in Kuala Lumpur 2.2% to 2749 Ringgits/t caused a drop in production in September by 0.8% compared to the August level.
the cost of the November canola futures in Winnipeg fell 0.7% to 492 CADa/t or 398 $/MT due to the strengthening of the canadian dollar.
Enhanced export demand for rapeseed in Ukraine has led to higher prices in the port to 420-425 $/t or 13000-13100 UAH/t in the forecast of exports for the current season 1.7 to 1.8 million tons since the beginning of July Ukraine has supplied to the world markets, 1.2 million tons of rape against 0.5 million tons last year.
European Association Coceral raised its forecast for the rapeseed crop in the EU in 2017/18 MG 0.6 million tonnes to 22.1 million tonnes to 1.55 million tonnes will exceed the results of the previous season.
the acreage under rapeseed in comparison with the season 2016/17 will rise from 6.44 to 6,693 million hectares, and the yield will increase from 3.19 to 3.3 t/ha.
2017/18 MG most will grow the gross yield of canola compared to the previous year in France – from 4.73 to 5.48 mln t, Poland with 2.3 to 2.7 million tonnes, of the UK – from 1.78 to 2.17 million tonnes and Romania – from 1.73 to 1.94 million tons.
Favorable weather in Canada will allow you to harvest canola at the level of 19.6 million tons predicted by the statistical office of the country.