Rapeseed harvest forecast looking up

In Germany, UFOP reports that despite adverse weather conditions in parts of the EU-28, the USDA raised its harvest estimate for the Community. Accordingly, the European Union is set to remain the world’s top rapeseed producer in 2017/18.

The US Department of Agriculture (USDA) changed its forecast of the 2017/18 global supply and demand balance for rapeseed only slightly in August. However, the estimate of the global rapeseed crop was unexpectedly raised 0.28 million tonnes to 72.7 million tonnes. The rise is first and foremost due to the harvest outlook for the EU-28 being increased significantly by 0.85 million tonnes to 22 million tonnes from July. According to Agrarmarkt Informations-Gesellschaft mbH (AMI), yields and quality were adversely affected by unfavourable weather conditions in Germany and parts of eastern Europe. However, France, Great Britain and southeastern Europe reported a rise in rapeseed output. The harvest estimate for Canada, the world’s second largest rapeseed producer, was lowered 0.5 million tonnes to 20.5 million tonnes from July. Since global consumption is forecast to grow 0.5 million tonnes to 72.96 million tonnes, ending stocks will remain low.