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Rapeseed and canola prices fell after the new US administration's possible biofuel demand cut and a glut of raw material at processing plants weakened demand. Winnipeg January canola dropped 5% to CAD 617 per tonne, and Paris February rapeseed fell 1.7%, with falling biodiesel and meal prices tied to increased South American soybean meal supply.
Weaker biodiesel demand and cheaper South American soybean meal reduce support for canola meal and rapeseed values, adding downward pressure on feed meal costs.
tridge.comVictor LangatNov 21, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Fears of lower US biofuel demand under the new administration and a glut of raw material weighed on vegetable oils including soyoil on Nov 21.
