High temperatures reduce European oilseed harvest forecasts. The outlook for the European rapeseed harvest has deteriorated. In its monthly report, the European forecasting service Mars expects an average rapeseed yield of 3.20 t/ha, down from a forecast of 3.29 t/ha in June. There is also a decline in sunflowers, which have suffered from the heat. The forecast was revised down to 2.12 t/ha from 2.21 t/ha.
Agriculture and Agri-Food Canada increased its forecast for 2023/24 Canadian canola production by 400,000 t to 18.8 million t, up 600,000 t from the 2022 crop.
Palm oil prices in Malaysia also rose in response to the situation in the Black Sea. Profit-taking provides red signs this morning. The oilseed market was also supported by rising crude oil prices.