USDA estimates lower global rapeseed harvest The USDA estimates global rapeseed production in 2023/24 at around 87.4 million t , which is 1 million t less than in the previous year. After the catastrophic result in 2021-22 with 13.7 million t, Canada is expecting a 2023 harvest of 20.3 million t and a doubled export of 8.9 million t. In the EU , the 2023 harvest is estimated at 20.3 million t, the import requirement is estimated at 5.1 million t (previous year 6.9 million t). With 4.9 million t (previous year 8.2 million t), Australia will still achieve the second-highest rapeseed harvest (5 annual average 4 million t) , of which around 75% will be exported. In the Ukraine , an increasing result is expected in the order of 3.5 million t. However, export remains critical due to the uncertain extension of the Black Sea Agreement. The EU-27 is particularly affected as the largest importer. Global ending stocks are stabilizing again at a multi-year average level.After months of falling from war-related highs to around €1,000/t, rapeseed prices on the Paris stock exchange have found ground again above €400/t. Supported by palm oil and soya, prices have recently risen again to over 470 €/t. The USDA estimates global palm oil production at 79.5 million t (previous year 79.3 million t). Malaysia and Indonesia are the main producing countries with a production share of 84%. Exports increase only moderately. In addition to soy, palm oil is the market leader in the vegetable oil sector and plays a key role in controlling prices in the entire oilseed sector. As an oil-heavy crop, oilseed rape is particularly affected.
