Imports of soybeans and rapeseed in the EU in the current season will grow
According to the European Commission, as of 10 February, the imports of rapeseed in the current season increased compared to the previous MG by 6% and reached 2.7 mln t. in addition, imports of rapeseed meal increased 2.7% to 334 thousand tons, and rapeseed oil – by 84% to 198,5 thousand tons.
new forecast USDA assessment of rapeseed production in EU was reduced to 19.6 million tons against 22,14 million tonnes last season. the Deficit of rapeseed was compensated by active imports of soybeans from the United States, the price of which fell sharply against the background of a trade war with China.
the supply of cheap soybeans impact on prices for rapeseed in the EU, which decrease from the beginning of the season and now stand at 370 €/t or 419,4 $/MT, while traders expected growth rates in the second half of the season.
next season's rapeseed production is again reduced because of drought in the summer of 2018 of the sowing area of winter rape declined by 15-20%.
Imports of soybeans into the EU as of February 10 has increased compared to the previous mg of 10% and amounted to 8.8 million tonnes, of which 6.8 million tons (78.3% of total imports) was supplied from the United States. In addition, imports of soybean oil increased by 37% to 252 thousand tons, while imports of soybean meal decreased by 10% to 10.6 million tons.
In the February report the USDA estimate of world production of rapeseed in the current season was reduced to 70,37 million tons to 74 million tons last MG.
In comparison with the season 2017/18 forecasts rapeseed production is reduced
Canada – from 21.1 to 20.9 million tons,
China – from 13.27 to 12.85 million tonnes,
India – from 6.45 to 6 million tons.
- for the EU from 22.14 to 19.6 million tons,
Assessment of the consumption of rapeseed in the current season was reduced to 70,84 million tonnes against 71,16 million tonnes in 2017/18 MG.
the Main importers of rape will be:
the European Union – 4.3 million tons,
Japan – 2.45 million tons.
- China and 5.6 million tons,
the Forecast of world export of rapeseed increased from 16.36 million tons in 2017/18 MG to 17.05 million tons, of which 2/3 of the volume or 11.6 million tons exports Canada.