USDA expects 20.1 million tonnes of rapeseed in Europe

Yesterday, rapeseed on Euronext/Matif went south by 8.75 euros for the front month of February 2024. At the closing bell there was a settlement of 432.50 euros/t on the dealer list. The oilseed thus followed the negative guidelines of the soy complex. As part of the WASDE, the USDA has adjusted the global rapeseed forecast slightly upwards compared to the October report. Instead of the previous 85.04 million tons, 85.58 million tons are now expected. Global ending stocks were also adjusted slightly upwards, but are still expected to be lower than last year. The USDA sees the European harvest at 20.10 million tons, which is still more positive than the EU Commission itself estimates. Compared to the October WASDE, the USDA increased the EU harvest slightly by 100,000 tonnes. The harvest in Canada is expected to remain unchanged at 17.8 million tonnes.

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