Due to drought, the EU will increase purchases of Ukrainian rapeseed

The EU countries may harvest about 19.8 mln tonnes of rapeseed in the current calendar year, down from 19.4 mln tonnes in 2022, according to the forecast of Stratégie Grains consulting company, which lowered its estimates by 600 thsd tonnes (down from 20.4 mln tonnes) amid the drought in the northern part of the EU. “The main reduction was in Germany, where the estimates were lowered by 200 thsd tonnes, while the harvest prospects in France and Central and Eastern Europe remain satisfactory,” the experts said.

As for the imports, Strategie Grains expects the increase of the purchases of Ukrainian rapeseed, given the high profitability of the oilseed processing in the Western EU and Baltic countries.

“Of course, the future of the grain corridor will be crucial for supply. If the agreement is completely terminated, it will slow down the imports of rapeseed, as all agricultural raw materials will be sold through other sales channels,” the report says.

In addition, the experts of Strategie Grains lowered the forecast of sunflower seed harvest in the EU in this year by about 350 thsd tonnes, to 10.9 mln tonnes, which is 19% higher than last year.

Tags: EU, rapeseed, crop forecast