Rapeseed production in the European Union could reach 18.0 million tons in 2022. That would be a good 6% more than this year's harvest. The farmers were growing rapeseed on a larger area because the prices are high, the consulting firm Strategy Grains said in an initial forecast.
Rapeseed, Europe's premier edible oil and biodiesel seed, has soared to record highs since the end of the summer as worries about global scarcity sparked after a disastrous harvest in Canada.
The increase in rapeseed production for the 2022/23 season was expected mainly in the western and northern EU countries, which are home to the bloc's three largest rapeseed producers, Germany, France and Poland, Strategy Grains said in its oilseed report.
Harvest volumes in central EU countries could be limited by less acreage, with the exception of the Czech Republic and Slovakia, where production should increase next year.
A larger harvest in the EU next year would put pressure on prices, which have reached record highs in the past few weeks, the consulting firm speculates.
"Due to the tense EU and world rapeseed balances, we are still forecasting high prices in the 2021/22 marketing year, but these will gradually decrease with the arrival of South American soybeans on the world market at the beginning of 2022, but also when the new rapeseed harvest approaches," it said.
In contrast, sun seed production in the EU fell slightly to 9.9 million tonnes next year, after having reached an all-time high of 10.4 million tonnes this year due to very high yields.
Source
Hansa Terminhandel GmbH