Rapeseed prices rallied to new contract highs in Europe this week. The price strength was partly linked to the recent rally of vegetable oil prices in Europe and the strong rapeseed crushings.
EU-25 rape oil demand for biodiesel is set to increase in the next 2-3 months due to the approaching winter. Also in Canada canola futures rallied to new contract highs, fuelled by strong demand as well as spill-over strength from the rallying prices of soya oil, palm oil and other vegetable oils on the world market.
Boomimg demand for rape oil and other veg. oils in the EU-25 for the production of biofuels. Combined EU rape oil imports reached 460 Thd T in Oct/Sept 2005/06, up unusually steeply from 33 Thd T a year earlier.
(Cf. news of 2006-12-06 and 2006-06-07.)
Source
Oilworld Dec. 01, 2006.
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