Rapeseed consumption increasing worldwide
The USDA has raised its estimates for world production and consumption of rapeseed.
In the current report on global supply and demand, the US Department of Agriculture (USDA) estimated world rapeseed production in the current crop year at around 87.2 million tonnes. This is up 900.000 tonnes on the previous month’s forecast. Rapeseed production in the previous crop year was around 14.5 per cent lower at 74.5 million tonnes. The lift from the previous month is mainly based on expected production increases in Bangladesh. The USDA forecast for the world’s six top rapeseed producing countries was left unchanged relative to the March outlook, with only marginal upward revisions to estimates for the EU-27 and Russia.
The USDA expects global rapeseed consumption in the 2022/23 crop year to reach around 84.0 million tonnes, which is up 1.6 million tonnes on the March forecast. This would be an increase of 8.4 million tonnes on the previous season.
Although global production is seen higher than the previous month’s estimate, end of season stocks are likely to be 500,000 tonnes smaller than projected in March at 6.2 million tonnes. According to investigations conducted by Agrarmarkt Informations-Gesellschaft (mbH), the reason is higher processing use and a brisk world trade in rapeseed. At the end of the crop year 2021/22, only 4.1 million tonnes of rapeseed were put in storage. In other words, end of season stocks 2022/23 will likely exceed the previous year’s volume by around 50 per cent.
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