Source: USDA
Source: USDA

Global rapeseed production is forecast to remain stable this year due to expectations of a slight increase in the Australian rapeseed harvest, Germany’s Union for the Promotion of Oil and Plant Proteins (UFOP) reports.

According to data published by the US Department of Agriculture (USDA), global rapeseed production in the current crop year is set to total 88.4M tonnes.

Although the latest estimate was 317,000 tonnes higher than the USDA’s March forecast, the current season was expected to fall short of the previous year’s output of 88.8M tonnes, UFOP reported on 19 April.

Despite a reduction in rapeseed planted area by Australian farmers this year due to ongoing low prices, the country’s rapeseed harvest was estimated to exceed previous expectations by 200,000 tonnes, reaching 5.7M tonnes.

However, the volume would be well below Australia’s output of 8.3M tonnes the previous year.

Meanwhile, a sharp increase in rapeseed production in Moldova was forecast from 77,000 tonnes to 285,000 tonnes.

According to latest USDA information, global rapeseed consumption is expected to total 88M tonnes, with ending stocks up 2.9M tonnes from the previous year to 7.8M tonnes and 334,000 tonnes higher than the March outlook.

Rapeseed demand was expected to increase, particularly in Canada.

At 11.8M tonnes, Canadian consumption was expected to be around 350,000M tonnes higher than previously forecast due to oil mill expansions from approximately 13M tonnes to more than 15M tonnes by 2025.

Demand in the EU-27 was expected to be lower than projected in March.

According to research by Agrarmarkt Informations-Gesellschaft, global production of 88.4M tonnes would lead to a supply surplus of 400,000 tonnes.

However, since consumption was growing faster than production, the USDA had revised its previous month's forecast for ending stocks downwards to 248,000 tonnes.

The current forecast of 7.8M tonnes was 600,000 tonnes lower than the previous year’s volume.