Rapeseed futures fell in Paris amid an outlook for rising production in Europe, with oilseed researcher Cetiom reporting good yields from harvesting in northeastern France at the end of last week.
European Union rapeseed production may climb to 21.5 million metric tons this year from 20.9 million tons in 2013, with yields rising to 3.23 tons per hectare (2.47 acres) from 3.11 tons, the European Commission wrote in a report today. Yields were “correct” in France’s northeast, with most plots producing 3.5 to 4 tons per hectare, Cetiom reported last week.
“Harvesting work has been interrupted, but the first indications confirm generally very satisfactory yields,” Paris- based farm adviser Agritel wrote in a market report today. “Producers will show strong resistance to selling at current levels, which could limit further downward potential.”
Rapeseed for August delivery fell 0.4 percent to 336.25 euros ($457) a ton at 1:42 p.m. in Paris, trading close to the lowest level since July 2010.
Milling wheat for November delivery declined 0.1 percent to 184.25 euros a ton in the French capital, while corn for August delivery rose 0.6 percent to 172 euros a ton.
Grain-futures trading on the Chicago Board of Trade is scheduled to start at 8:30 a.m. local time after markets were closed for the July 4 Independence Day holiday.
Bloomberg News edited by ESM
