Rapeseed Prices Rise Amid Oil Price Increases and Declining Harvest Forecasts

Speculative oil price growth of 9% over the week due to Israel's open war with Iran supports biodiesel, rapeseed, and canola prices, especially given the reduced harvest forecast in Australia and new ideas to limit rapeseed exports from Ukraine. This is reported by analysts from the electronic grain exchange GrainTrade. Information about the US authorities' intentions to sharply increase the biodiesel production mandate in 2026 and 2027, but only for production from local oil, upset Canadian rapeseed oil exporters and led to a sharp increase in soybean oil prices in Chicago by 15.8% over the week to $1,211/t. Canada is experiencing cool weather with rains, which promotes canola crop development, although precipitation is less than forecast. July canola futures rose 4.6% over the week to 743 CAD/t or $547/t (+3.5% per month), and November futures for the new harvest – by 6% to 736 CAD/t (+8.2% per month) against the backdrop of rising oil prices. August rapeseed futures on the ...