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World Rapeseed Supplies Seen at Record on Canada, EU Crop
World Rapeseed Supplies Seen at Record on Canada, EU Crop
18/09/2013 (Bloomberg) - World supplies of rapeseed may climb to a record this season as production increases from Canada to the European Union, Oil World said.
Rapeseed supplies may reach an all-time high of 70 million metric tons, up 2.5 percent from a year earlier, the Hamburg-based researcher said in an e-mailed report. The total includes production of 65 million tons and inventories at the start of the season of 5 million tons. Canada, the world’s biggest exporter and grower of the canola variety, will harvest a record 15 million tons, while output in the EU, the top producer, will rise 6.4 percent from a year earlier to 20.8 million tons.
“Canadian harvesting is increasing, with very high yields reportedly achieved,” Oil World said. “Favorable, partly even ideal weather conditions in the final phase of this year’s crop development resulted in above average yields in early harvest results.”
Rising production in the EU mean the bloc’s imports may drop 14 percent from a year earlier to 2.9 million tons in the 2013-14 season started July 1, Oil World said. Ukraine will be the main supplier to the EU, according to the report. Ukraine’s total rapeseed exports may reach 2 million tons, the second-highest on record, while shipments from Canada and Australia decline from the prior season.
Sunflower seed production was pegged at 40.2 million tons, up 13 percent from a year earlier, Oil World said. It reiterated a forecast for combined Ukrainian and Russian output at 18.6 million tons, 14 percent higher than a year earlier.
World palm oil production may be 58.85 million tons in the 2013-14 season that begins Oct. 1, compared with 56.06 million tons a year earlier, Oil World said. Consumption is expected to rise to 58.18 million tons from 55.55 million tons, slower growth than in the previous season because of rising competition from sunflower seed and soybean oil, according to the report.
Rapeseed supplies may reach an all-time high of 70 million metric tons, up 2.5 percent from a year earlier, the Hamburg-based researcher said in an e-mailed report. The total includes production of 65 million tons and inventories at the start of the season of 5 million tons. Canada, the world’s biggest exporter and grower of the canola variety, will harvest a record 15 million tons, while output in the EU, the top producer, will rise 6.4 percent from a year earlier to 20.8 million tons.
“Canadian harvesting is increasing, with very high yields reportedly achieved,” Oil World said. “Favorable, partly even ideal weather conditions in the final phase of this year’s crop development resulted in above average yields in early harvest results.”
Rising production in the EU mean the bloc’s imports may drop 14 percent from a year earlier to 2.9 million tons in the 2013-14 season started July 1, Oil World said. Ukraine will be the main supplier to the EU, according to the report. Ukraine’s total rapeseed exports may reach 2 million tons, the second-highest on record, while shipments from Canada and Australia decline from the prior season.
Sunflower seed production was pegged at 40.2 million tons, up 13 percent from a year earlier, Oil World said. It reiterated a forecast for combined Ukrainian and Russian output at 18.6 million tons, 14 percent higher than a year earlier.
World palm oil production may be 58.85 million tons in the 2013-14 season that begins Oct. 1, compared with 56.06 million tons a year earlier, Oil World said. Consumption is expected to rise to 58.18 million tons from 55.55 million tons, slower growth than in the previous season because of rising competition from sunflower seed and soybean oil, according to the report.