Commission: new EU oilseed estimate just under 15% on previous year
The latest estimate of the EU Commission on the supply situation with oilseeds amounts to a significant reduction compared with the previous year. It approximately 5 million tonnes with emphasis on the RAPs are missing, as well as sunflowers. Only the vast soybean supplies slightly more.
The EU rapeseed crop is to 20.8 million tonnes estimated (previous year 24.3 million tonnes). The decrease is attributable to a cultivated area decreased by 4% and 11% lower Flächenertrag.
The EU soybean harvest to 1.96 million tonnes (previous year 1.85 million t) bring. The sunflower harvest will amount to 7.7 million tonnes (previous year 9.1 million tonnes estimated.
The rapeseed consumption remains with 24.2 million tonnes slightly behind last year back. The false needs will be covered by 3 million tonnes imports (+ 20% to the previous year).
The soy balance of the EU is characterized by the classic protein gap of an Autoproduction of 1.96 million tonnes and in EU consumption of soybeans of 15.5 million tonnes and soybean meal by just under 29 million tonnes. After years of importing soybeans rises to 13.2 million tonnes and imports of soybean meal easily go back to 17.9 million tonnes .
The EU market for vegetable oils provides a slightly reduced consumption amounting to 23.4 million tonnes. The domestic production is estimated to 15.1 million. The import of about 8 million t fills the EU supply gap. The majority of imports accounted for the low-cost palm oil with a magnitude of 6.5 million tonnes.
In the EU and globally remain despite the scarce supply of rape oilseed prices under pressure. Trigger is the highly unusual crude oil price to below $50 per barrel. Palm oil prices have followed parallel. The price decline by palm oil ranges from $650 per t on now $450 per t palm oil on the Chicago stock exchange with recent stabilization trends. This fall in prices has affected deep oil worth stressed canola prices in Paris. Canola prices have fallen to €365 per t. First consolidation trends are discernible. The soybean soil formation is also after the decline again to turn off.
