France increases the forecast of rapeseed production
Ministry of agriculture of France, in its first forecast for 2017 has increased the crop forecast for the French winter oilseed rape by 0.9% to a 4.766 million tonnes. It is less than usual at the level of 5 million ton, but much more from the forecast of the International grains Council IGC, which predicted 4.3 million tons and 4.53 million tons from a group Coceral.
the Increase of production according to French officials will occur due to the increase in planting acreage to 1.45 million hectares, compared to 1.36 mln ha according to the forecast of the Agency Coceral.
At the same time , French officials are more pessimistic about the forecast yield of canola at the level of 3.26 tons per hectare, compared to estimates from the Agency of the European Commission MARS. two weeks ago, predicted a yield of 3.39 tons per hectare.
MARS Analysts believe that the may rains significantly improved the condition of crops and will form a good rapeseed crop in France.
Prices for canadian canola decreased to 485CAD /tone (366$/t) due to the better weather and the end of the planting season according to estimated figures, which puts pressure on the price of European rapeseed. The improved harvest in Europe will improve the European balance of canola in the following season and stabilize prices.