Rapeseed prices continue to fall, despite another reduction in the EU harvest forecast

Rape futures in Paris continued to fall on Friday under pressure from increased new crop supplies and falling canola prices, not reacting to lower crop forecasts and increased EU imports. The European Commission reduced the forecast of rapeseed production in the EU in 2024/25 by 0.5 to 18.3 million tons (which will be 6% less than in 2023), and rapeseed processing - by 0.18 to 23.2 million tons , but increased the forecast of rapeseed imports by 0.27 to 5.9 million tons. The forecast for rapeseed meal production was cut by 102,000 tons to 13.24 million tons, and consumption by 102,000 tons to 13.14 million tons, while estimates of imports and ending stocks of rapeseed meal were left unchanged. The forecast for rapeseed oil consumption was reduced by 107 thousand tons to 9.38 million tons, while the forecasts for production and reserves were left at the level of 9.5 million tons and 592 thousand tons, respectively. November canola futures on the Winnipeg exchange fell 3.9% to CAD ...