Analysts from Strategie Grains have lowered their forecast for rapeseed production in the European Union to 18.3 million tons, marking an almost 8% decrease from last year. This is due to anticipated reductions in most EU countries, especially Romania and Poland. As a result, imports from Ukraine and Australia are expected to rise, although supply restrictions are predicted. Despite navigation issues in the Red Sea affecting Australian canola imports, sunflower and soybean production estimates remain stable. Meanwhile, rapeseed futures on the Paris MATIF have dropped by 2.8% due to increased offers from European producers and declining soybean prices. The Ministry of Environmental Protection and Natural Resources also reports that variable weather conditions in early September may lead to a smaller EU rapeseed crop.
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Original content
The forecast of rapeseed production in the European Union for the current year was reduced by Strategie Grains analysts to 18.3 million tons, which is 0.1 million tons less than the previous one and almost 8% lower than last year's figure. According to Reuters, due to the expected reduction in rapeseed production in most EU countries, in particular in Romania and Poland, the European Union will be forced to increase its imports, especially from Ukraine and Australia. However, experts predict supply restrictions from these two countries due to their insufficient availability. The estimate of sunflower production in the EU for 2024 remained almost unchanged, analysts left it at 10.7 million tons (+9% for the year), as well as for soybeans - 3.1 million tons (+8% for the year). Experts also emphasize that problems with navigation in the Red Sea in the current season will make it difficult to import Australian canola and contribute to an increase in its purchases in Canada. We will ...
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