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An increase in the forecast for the EU rape harvest increases the pressure on prices

Canola Seed & Rapeseed
Published Sep 7, 2022

Tridge summary

This year, the world will harvest a record crop of rapeseed, so the increase in the production forecast for the EU has increased the pressure on prices, which have already fallen by 30% in three months.

Original content

A record canola crop is expected around the world this year, so another increase in the production forecast for the EU has put further pressure on prices, which have already fallen by 30% in three months, although they are still 6.8% above last year's level. Strategie Grains experts increased the forecast for rapeseed production in the EU from 18.47 to 19.15 million tons thanks to a better than expected yield, which will exceed last year's 17 million tons by 12.7%. The import forecast was also increased against the background of increased supplies from Ukraine across the western borders. In August, compared to July, Ukraine increased its export of rapeseed 7 times from 90.5 to 624.5 thousand tons, and in September - October it will accelerate deliveries in order to ship the forecasted 2.6-2.8 million tons for the season. At the same time, soybean exports in August decreased compared to July from 141.5 to 128.4 thousand tons, and sunflower - from 362.1 to 153.9 thousand tons. The ...
Source: Graintrade
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