Increased EU rapeseed harvest forecast increases pressure on global prices

Strategie Grains experts increased the forecast for rapeseed production in the EU in 2023/24 MY in 2023/24 by 0.6 million tons from 18.9 to 19.5 million tons (19.4 million tons in 2022/23 MY) thanks to the best, than expected for harvests in Romania, Germany, Spain, Italy and the Baltic countries. At the same time, the forecast for sunflower production in the EU in 2023/24 MY was reduced by 0.2 to 10.1 million tons (9.3 million tons last year), and soybeans - to 2.9 million tons (2.5 million t last year). On the Paris MATIF, November rapeseed futures were trading in the range of 440-445 €/t in September, and since Monday they have increased by 1% to 447.25 €/t or 468 $/t (-5.1% per month). The depreciation of the euro against the dollar to 1.046 €/$ supports prices in euros, but the general fall in prices for Canadian canola and US soybeans adds pressure on canola prices. Although they may soon be supported by unfavorable conditions for the development of rapeseed crops in ...