World: Canola and canola prices continue to recover after falling
Canola Seed & Rapeseed
Published Jul 13, 2022
Original content
Rape and canola prices fell to "pre-war" levels last week, but have risen 5% over the past three sessions amid recovery in oil and palm oil prices. The Indonesian government has decided to increase the biodiesel blending mandate from the current B30 to B35 (biodiesel content of 35%) from July 20, which will increase domestic consumption of palm oil. This will lead to further gains in palm oil futures, which stabilized at 4,150 ringgit/t or $937/t last week, and support canola and canola markets. Over three sessions, November canola futures rose 5% to CAD 867/t or $665/t. Weather in Canada is helping the crop to form, and markets are hoping for increased demand from China, especially amid falling global prices. August canola futures on the Paris MATIF rose 5.2% or €34.75/t to €698/t or $700/t in four sessions, almost reversing the decline since early July. Prices are supported by the decline of the euro exchange rate against the dollar to the lowest level in 20 years – 1.003 $/€. ...
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