EU-KOM still estimates the EU rapeseed supply in 2022/23 to be tight At the end of April 2022, the EU Commission (EU-KOM) estimated the coming rapeseed harvest in 2022 to be +7.6% higher than in the previous year at 18.3 million tonnes . The rapeseed area was increased by 6.9%; yields per hectare are expected to be only slightly higher than in the previous year at around 32 dt/ha. EU rapeseed consumption is estimated to be 0.5 million t higher at around 22 million t , but still falls short of previous results. Due to the war in the Ukraine, the EU COM has reduced the necessary EU rapeseed imports to around 4 million tonnes compared to the previous year's figure of 4.9 million tonnes. Expectations are for additional shipments from Canada and Australia .The EU supply situation is less tense than in the two previous years, in which domestic production in the EU fell significantly as consumption increased. Due to the global scarcity in the entire oilseed sector , from palm oil to soybeans and sunflowers, prices remain at unusually high levels. Indonesia's export ban on certain palm oil products is driving prices higher. The country produces about 45% of world production. The loss of sunflower oil from Ukraine is also a price-driving factor, although volumes are modest relative to the two market leaders, palm oil and soybean oil. The US soybean orders, which were delayed due to the weather, are currently driving stock prices back up after a decline. Sowing of spring rape ( canola ) is also affected in Canada . And last but not least: the largely completed South American soybean harvests were only mediocre.For the EU, the weak euro rate makes the necessary imports more expensive.
