Strategie Grains cuts EU rapeseed crop forecast

Strategie Grains cut its forecast for this year’s rapeseed output in the European Union to 18.3 million metric tons, nearly 8% below last year’s output as a sharp fall in area reduced projected production.

The new rapeseed crop forecast compares with 18.4 million tons in last month’s prediction and 19.9 million tons harvested last year.

“A sharp decline in (rapeseed) production in most EU countries, notably Romania and Poland, is expected to lead to an increase in EU imports, notably from Ukraine and Australia,” Strategie Grains said.

“However, flows from those two countries are expected to be limited by their reduced availabilities,” it added.

Strategie Grains’ EU 2024 sunflower production forecast was virtually unchanged at 10.7 million tons, up 9% on 2023, while the soybean output forecast was held at 3.1 million tons, up 8% from last year.

For the current 2023/24 marketing season, the consultancy noted that problems navigating in the Red Sea would hamper imports of Australian rapeseed (canola) and lead to higher purchases from Canada.
Source: Reuters (Reporting by Sybille de La Hamaide. Editing by Jane Merriman)