Despite of spring frosts and rains, crop condition of rapeseed in the EU, gives hope for the harvest at the level of multi-year performance – reported the experts of Strategie Grains.
Analysts Oil World (Germany) estimated ending stocks of rapeseed in the EU in 2017/18 MG 2.32 million tons, 0.9 million tons higher than the figure recorded the previous season. Growth stocks due to increased production and imports of oilseeds by a decline in processing volumes, reduced the third season in a row and 2017/18 MG will be 24,01 million tonnes against 25,35 million tons in 2014/15. The excess supply of rape can lead to a reduction in imports.
Traders expect Friday’s report to the canadian Bureau of statistics will increase compared to the previous year estimation of acreage under Canalou 3-6% to 23.6-24.3 million acres. Cold weather has delayed the beginning of sowing, but next week the pace of planting accelerated with the warm and dry weather conditions.
In Ukraine, winter rapeseed planted 1 million hectares of which 89% of crops are in good condition, so we can expect a harvest of 2.5-2.7 million tons against 2.1 million tons in 2017.
production Increase will be offset by increased imports of rapeseed in China, which for a trade war with the United States reduces imports of soybeans.
On Euronext August rapeseed futures fell to 341,5 €/t or 413,85 $/t, whereas canola in Chicago has risen to 535 CADa/t or 416,27 $/t in Ukraine In rapeseed for delivery in August, traders offer 406-410 $/t, but manufacturers are in no hurry contractualise, waiting for rising prices to the level of prices for soybeans 420-430 $/t
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