Increased forecast for oilseed crops in the EU

The consulting agency Strategie Grains raised its forecast for rapeseed and sunflower crops in the European Union.

The gross harvest of rapeseed will be 19.46 million tons, which is 15% more than previously expected (19.15 million tons) and more than last season (17.0 million tons).

Gross oilseeds harvest, mln t

Strategie Grains expects European rapeseed prices to fall further from record levels reached earlier this year.

“In the short term and during the winter, we do not expect any reduction in rapeseed prices, as the demand for rapeseed oil from biodiesel producers will continue. But they could drop relatively sharply in early 2023 as Australian rapeseed and South American soybeans enter the market,” Strategie Grains said in a statement.

Rapeseed futures on the Euronext exchange have lost 9% since the start of the season and are down 42% from their record high in late April as crop prospects improved.