• US markets are closed in observance of their Juneteenth national holiday. Market data Is therefore limited.

• MARS, the EU crop monitoring service has cut 2022 EU yield forecasts as follows:

Soft wheat 5.76 mt/ha from 5.89 last month

All barley 4.88 mt/ha from 4.98 last month

Grain maize 7.87 mt/ha from 7.92 last month

Rapeseed 3.12 mt/ha from3.17 last month

Sunflowerseed 2.37 mt/ha from 2.39 last month

• Paris rapeseed and North American canola futures are erasing their gains for the year, following a slump in palm oil prices. The world’s largest edible oil has fallen into a bear market on concern that surging Indonesian exports will challenge cargoes from Malaysia. That could ease demand for alternative oilseeds and marks a turnaround from a couple of months ago, when Indonesia temporarily restricted palm shipments to combat local food inflation.

• Palm’s losses sparked rival canola to erase its year-to-date gain on Friday, with rapeseed set to do the same Monday. That takes out advances also driven by the war in Ukraine, which is restraining sunflower oil shipments from the Black Sea region. While vegetable oil prices remain high historically, the downturn could help provide some relief for rampant global food inflation.

• Rapeseed futures dropped as much as 2.9% to €744.75/mt on the Euronext exchange. A close at that price would put the most-active contract about 1% lower on the year. Canola fell 2%, heading for a fourth straight drop.

• Rapeseed output in the European Union is also expected to top last season, and harvest is approaching. Meanwhile, rains have helped to ease drought in Canada, and Australia has favourable crop prospects at a time when fears of recession in major economies could restrain biofuel demand.