The worldwide rapeseed harvest is expected to be slightly larger in the upcoming crop year, according to the latest International Grains Council (IGC) estimates reported by Germany’s Union for the Promotion of Oil and Protein Plants (UFOP).
Meanwhile, consumption would remain virtually unchanged, according to the IGC.
The IGC had forecast that the world’s four largest rapeseed producers – Canada, China, the EU and India – would harvest more rapeseed in the 2021/22 crop year than in the previous year.
According to the IGC estimate, global rapeseed production was forecast to rise from 70.4M tonnes in 2020/21 to 72.8M tonnes in 2021/22.
The IGC outlook was based on a 2% increase in planted area, but also on yield increases.
At 72.9M tonnes, global rapeseed consumption was forecast to decline marginally compared to the previous year but was set to remain at a high level.
Prospects for a bounceback in global rapeseed supply in 2021/22 appeared to be poor in light of low stocks and only moderate growth in production, the report said. The IGC said 2021/22 ending stocks were forecast to remain at the previous year’s level of 3.6M tonnes. Stocks of the three big exporters, Australia, Canada and Ukraine, were expected to shrink to 1M tonnes (from 1.2M tonnes the previous year).