News

Increased EU and Australian rapeseed crop forecasts are putting pressure on prices

Canola Seed & Rapeseed
Australia
Published Aug 4, 2022

Tridge summary

This year's weather is helping to produce a good crop of canola in the EU and canola in Australia and Canada, and as seasonal supply increases, pressure on prices will intensify. Stratégie Grains experts, thanks to the expansion of the sowing area, increased the forecast of rapeseed production in the EU in 2022/23 MR to 18.5 million tons, which will exceed last year's harvest by 9%.

Original content

At the same time, as a result of the drought in Italy, Romania and Hungary, the forecast for sunflower production in the EU was reduced by 0.5 million tons compared to July estimates to 10.4 million tons (corresponding to last year's figure), and soybean production by 0.2 million tons to 2. 8 million tons (by 3% will exceed the indicator of 2021/22 MR). The Australian Oilseeds Federation (AOF) predicts that the country will harvest the second largest canola crop in 2021/22 at 5.5 million tonnes, which will exceed the 5-year average, although it will be inferior to last year's record 6.3 million tonnes. canola plantings in Australia in 2021/22 MR increased compared to the previous season by 455 thousand hectares to a record 3.425 million hectares. The decrease in canola production in Australia compared to the previous season is due to less rainfall in the January-June period, which negatively affected the progress of sowing and the condition of oilseed crops. At the same time, ...
Source: Graintrade
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