USDA Raises EU Rapeseed Production for 2009/10
USDA Raises 2009/10 EU Rapeseed Production Data
According to the latest oilseeds outlook report released by the USDA, the 2009/10 rapeseed production forecast for the 27 EU countries has been raised by 600,000 tons to 21.2 million tons.
The USDA said that higher EU rapeseed production will increase domestic use. EU rapeseed crush for 2009/10 is projected at 21.7 million tons, up 7 percent from the previous year and also 400,000 tons above last month's forecast.
Even so, EU rapeseed ending stocks in 2009/10 will reach a record high of 2 million tons, which will weigh on rapeseed prices.
In recent months, EU rapeseed crushing margins have begun to improve, and starting in January 2010, some member states will begin implementing biofuel blending policies, which will further boost rapeseed oil consumption.
However, large volumes of cheap biofuel imported from Argentina and the United States are limiting rapeseed oil use in the EU biofuel industry.
The USDA said that higher EU rapeseed production will increase domestic use. EU rapeseed crush for 2009/10 is projected at 21.7 million tons, up 7 percent from the previous year and also 400,000 tons above last month's forecast.
Even so, EU rapeseed ending stocks in 2009/10 will reach a record high of 2 million tons, which will weigh on rapeseed prices.
In recent months, EU rapeseed crushing margins have begun to improve, and starting in January 2010, some member states will begin implementing biofuel blending policies, which will further boost rapeseed oil consumption.
However, large volumes of cheap biofuel imported from Argentina and the United States are limiting rapeseed oil use in the EU biofuel industry.