Rapeseed closed in the red for the fifth trading day in a row on Monday. The most-traded November contract on Euronext slipped another EUR 0.13 to EUR0.44/kg, falling to a one-month low.
The weekly Crop Progress Report, released after market close on Monday, deteriorated to 52% from the previous week. Analysts had expected an average of 53%. 83% of soybean acres are currently in bloom and require regular rainfall. The further weather outlook shows rather milder temperatures and some rain showers, which is positive for crop development. The US market was also burdened by the high crop estimate for Brazil. Ultimately, the European canola market also suffers from this.
The forecast for this year’s oilseed harvest in the European Union was revised downward by Strategy Grains by a total of more than 1 million tons. For rapeseed, the forecast was reduced to 19.3 million tons, 500,000 tons less than at the beginning of July and 1.1 million tons less than at the beginning of June. This would just miss last year’s result of 19.4 million t.
For sunflower, Strategy Grains lowered its forecast for this year’s crop from 10.9 million t to 10.5 million t, which would still be 13% more than in 2022 due to a significant expansion of acreage.