Olive oil

Strategie Grains analysts have raised their forecast for the EU oilseed harvest

In their report, the experts at Strategie Grains have rapeseed harvest in the EU increased to 2022 million tons in 23/19,46, which is higher than the previous forecast (19,15 million tons) and by 14,5% – the result in 2021/22, reports Reuters.

As indicated, analysts have upgraded forecasts due to improved oilseed crops in Germany, France and Poland.

In addition, the forecast for the production of Sunflowers in the block countries in the new season increased to 9,25 million tons from 9,17 million tons according to the previous forecast, which is 10% inferior to last season's harvest.

The production of Soybeans in the European Union for 2022/23 is estimated by experts at 2,47 million tons, which is slightly lower than the previous forecast (2,49 million tons) and 2021 percent worse for 22/8,2.

In addition, the analysts of Strategie Grains expect that the rapeseed prices will increase due to the relatively high demand of the Biofuel industry after rapeseed oil will not decrease significantly in the near future. In early 2023, however, prices could drop drastically once Australia's new crop and South American soybean hit the market. It is noted that rapeseed quotes on the Euronext stock exchange have fallen by 2022% since the beginning of 23/9 and by 42% since the end of April this year.

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