Quotations for rapeseed in Paris reacted very sluggishly to another decrease in the forecast of the harvest in the EU

Published 2024년 9월 3일

Tridge summary

Strategie Grains has lowered its forecast for the EU's agricultural crop production, with significant reductions in rape and sunflower harvest projections. The European Commission has adjusted its 2024/25 EU rapeseed harvest forecast downward, in agreement with USDA estimates. An increase in the European Union's canola import requirements is anticipated due to reduced production forecasts in the EU and Australia, while Ukraine expects to cut its rapeseed exports. This scenario is exacerbated by a poor sunflower harvest forecast in the EU and a decrease in Australia's canola production. Despite these changes, rapeseed futures in Paris experienced a rise, alongside increased purchase prices for rape in Ukraine. Canadian canola crop forecasts are facing adjustments due to weather conditions, adding to the complex mix of European and global agricultural market dynamics.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Yesterday, the agency Strategie Grains again lowered the forecasts for the production of agricultural crops in the EU, which supported stock market quotations. Rape prices on the stock exchange in Paris, after falling the week before last to the lowest values in the season, gradually recovered to the level of prices at the beginning of August. Traders almost did not react to the significant decrease in the forecasts of the rape harvest in the EU and Ukraine and the worsening of the balance of rape in the EU for 2024/25 MY. Last week, the European Commission lowered the official forecast for the 2024/25 EU rapeseed harvest from 18.4 to 18 million tonnes, which would be 9.4% below the 2023/24 harvest of 19.7 million tonnes, while the USDA in August estimated it at 18.9 million tons. The import forecast was left at the level of 5.85 million tons, and the final stocks were estimated at 833 thousand tons. Yesterday, for the fourth time this season, the Strategie Grains agency lowered ...

Source: Graintrade