Increase in EU rapeseed production reduces import demand
A significantly larger rapeseed harvest in the EU-27 has lowered the need for imports.
The continued high demand for rapeseed oil for use in biofuels production and rapeseed meal for feeding purposes spurred processing.
According to information published by the EU Commission, the rapeseed harvest in the EU-27 was significantly larger in 2022 than in 2021.
It is pegged at 19.6 million metric tons, which translates to a rise of around 2.5 million tons compared to 2021.
The EU harvested the largest crop in five years, although substantial harvest losses had been expected because of the continued dryness and heat.
According to investigations conducted by Agrarmarkt Informations-Gesellschaft (mbH), the rise is mainly the result of rapeseed-harvest increases, especially in France and Germany.
Denmark, Lithuania and Poland also recorded a rise.
The harvest increases more than offset production declines in other member states.
The harvest figures are, in other words, above average again for the first time in four years.
Total consumption in the EU-27 is seen at 24.2 million tons, up around 9 percent year on year.
Demand from oil mills is estimated at 23.3 million tons, which would also be an increase of nearly 9 percent on 2021-’22.
A year earlier, almost 80 percent of EU processing was sourced in European production.
In 2022-’23, the share will presumably climb to more than 84 percent.
For this reason, the EU Commission expects that, in the current crop year, less rapeseed will have to be imported.
Rapeseed imports are forecast at 5.1 million tons, which is down 8 percent compared to the previous year’s volume.
Ending stocks are seen to remain unchanged from the previous year at a below-average level of 0.5 million tons.