EU rapeseed harvest to decline in 2024 – forecast

This year, the gross harvest of rapeseed in the European Union may reach about 18.3 mln tonnes, according to analysts of the Strategie Grains agency, who lowered the estimate of oilseed production by 0.1 mln tonnes compared to the previous month. Thus, the current result may be 1.6 mln tons lower than last year’s results.

According to experts, the harvest is expected to decline in most countries of the bloc, but most noticeably in Romania and Poland. Subsequently, this will lead to an increase in imports of oilseeds of Ukrainian and Australian origin to the EU.

However, according to analysts, due to the problems with shipping in the Red Sea, purchases of Canadian canola will also be intensified.

As for the sunseed, Strategy Grains left the estimation of the crop harvest for 2024 at 10.7 mln tonnes (+9% compared to 2023), while the forecast was increased to 3.1 mln tonnes (+8%).

Tags: Ukraine, Romania, EU, Poland, Canada, sunseed, rapeseed, crop forecast, Australia