The European Union's 2009 rapeseed crop is likely to reach 21.11 million tonnes, up sharply from 18.92 million tonnes last year and cutting the bloc's import needs, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. This was 300,000 tonnes up from Oil World's previous estimate in late September. "The larger than expected crop will cover the bulk of requirements of the EU crush industry," it said. "Imports from third countries will thus decline sharply."
But the import volume will depend on the selling strategy of EU farmers, it said. Farmers have in the past held back rapeseed stocks for long periods in the hope prices would rise. Rapeseed crop estimates have been increased for Germany to 6.31 million tonnes from 5.15 million tonnes last year and in France to 5.62 million tonnes from 4.72 million tonnes, it said.
Britain's crop is better than expected following poor weather but will still be down on the year at 1.94 million tonnes from 1.97 million tonnes in 2008, it said. EU rapeseed prices remain robust despite the rising crop expectations with support coming from soybeans and high crude mineral oil prices, it said.
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