Grains strategy lowers EU import forecast for rapeseed

The consulting firm Strategy Grains has lowered its forecast for rapeseed imports into the European Union and Great Britain this season from 6.3 million tons (previous month's forecast) to 5.9 million tons, the company announced in its oilseed report.
The consultancy now sees EU and UK imports in 2020/21 lower than last season's level, which has been revised from 6 million tons to 6.3 million tons.
The reduced attractiveness of oilseed rape as well as an expected decline in biodiesel demand due to COVID-19 lockdown measures prompted Grain's strategy to cut the prospects for rapeseed processing in Europe.
However, the reduced imports and another small harvest this year should keep the rapeseed supply tight and keep prices on an upward trend, it said.
Europe harvested its second bad rapeseed crop in a row this year as the crops were again hit by adverse weather conditions and insect damage.
Strategy Grains slightly increased its estimate for this year's production in the EU and the UK from 17.1 million tons in the previous month to 17.2 million tons.However, this fell short of the estimated production of 17.3 million in 2019 and was well below the average of previous years.
For next year's harvest, the consultancy has increased its rapeseed area projection in the EU and the UK. The area is now stable on around 5.5 million hectares that were harvested this year after a slight decline was initially forecast.

Hansa Terminhandel GmbH
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