Strategie Grains has revised its forecast for rapeseed production in the European Union for the year 2023, predicting a decrease to 18.1 million metric tons. This marks a significant 9% decline from the previous year's production of 19.9 million tons, primarily attributed to reduced harvest expectations in France. This downward revision represents the second consecutive month of adjustments to the forecast.
To address the anticipated shortfall in domestic rapeseed supply for the 2024/25 season, Strategie Grains foresees an increase in rapeseed imports from Australia and Ukraine.
Despite the challenges facing the rapeseed market, the outlook for EU sunflower and soybean production in 2024 appears more optimistic. Sunflower output is expected to experience a growth of 10%, reaching 10.7 million tons, while soybean production is projected to rise by 9% to 3.1 million tons.
These projections indicate a dynamic shift in the European Union's oilseed market, with implications for both domestic and international trade dynamics.
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