EU-COM slightly corrects 2023 rapeseed harvest

EU-KOM reduces the 2023 rapeseed harvest slightly In its most recent issue at the end of July 23, the EU Commission (EU-KOM) published a 0.5 million t reduction in the 2023 rapeseed harvest to 19.4 million t . (previous month 19.9 million t). The decisive factor is the reduced area yield with an average of only 32 dt/ha. The previous year's result was 19.5 million t. Harvest losses are expected in the Czech Republic, Denmark, Germany, Lithuania and Romania in particular. Consumption is estimated at 24.5 million t. The EU COM expects a reduced import of 5.8 million . t compared to the previous year with 7.3 million t. Rapeseed prices have been on a roller coaster ride in recent weeks. As a result of the Russian withdrawal from the Black Sea Agreement, which was underpinned by military action, stock market prices shot up from around 400 to 500 €/t. At the end of July, the August quotations fell back to €425/t. For the most frequently traded delivery month Nov.23, however, the prices are 465 €/t.The reason for the nervous price development is the uncertainty as to whether and to what extent Ukrainian rapeseed, estimated at around 3.5 million tonnes, can be exported or not. The largest recipient region is the EU-27. Since Ukrainian rapeseed is mainly grown in the western part of the country, it makes sense to use the land route by rail and truck, and possibly also inland waterways. As a higher-value commodity, rapeseed is more transportable than grain. The significantly lower export volume compared to grain at around 20 to 25 million tons opens up more successful delivery prospects on this transport route.

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