Delayed rapeseed harvesting in Australia has led to higher prices for rapeseed and rapeseed

2021-11-25 12:50:56
Machine translation
Delayed rapeseed harvesting in Australia has led to higher prices for rapeseed and rapeseed

Traders are concerned about prolonged precipitation in Australia, which delays the harvesting of rapeseed and wheat. In the eastern regions of the country, moderate and heavy rains will continue for several more days, after which dry weather will be established there.


The weather in Australia has led to higher prices for wheat, rapeseed and rapeseed. Since the beginning of the week, rapeseed quotes on the Paris Euronext exchange have increased by 2% to 691.25 €/ton or 775.15 € /ton, adding 3.2% for the month.


According to the European Commission, in the period July 1 – November 21, rapeseed imports to the EU countries decreased by 38% compared to the same period last year from 2.74 to 1.7 million tons, which is 47% lower than 3.21 million tons imported in 2019/20 MG.


Almost 71% of the rapeseed purchased by the European Union, or 1.2 million tons, was supplied from Ukraine, while Australia supplied 287 thousand tons, Canada - 92 thousand tons, Moldova - 51 thousand tons. the European Union plans to compensate for the decrease in canola supplies from Canada by increasing imports from Australia, which plans to harvest 5 million tons of rapeseed this year, which will exceed the record figure last year.


Amid a shortage of offers, January canola futures on the Winnipeg Stock Exchange rose 2.5% from Monday to 1,030 CAD/ton, or 8 820.8/ton, adding 9% for the month as a whole.


It is worth noting that in my 2021/22, the European Union increased rapeseed oil imports by 80% compared to the same period of the previous season to 233.9 thousand tons, which partially compensates for the decrease in rapeseed supplies.


But the entry of Australian rapeseed into the European market in the coming months may reduce prices in the EU.