MUMBAI, 1 Jul (Commoditiescontrol): Consultancy Strategie Grains has revised down its forecast for key oilseed crops in the European Union due to adverse weather conditions in various parts of the region.
In its latest monthly estimates, Strategie Grains projects the EU's 2024 rapeseed harvest at 17.80 million metric tons, a decrease from June's estimate of 17.94 million tons and 10.6% lower than last year's harvest. The reduction is attributed to unfavorable growing conditions in Germany, Romania, and the Baltic countries during May and June.
Sunflower seed production has also been downgraded to 10.49 million tons from the previous month's estimate of 10.72 million tons. The revision follows concerns about crop conditions after a period of dry, hot weather in Romania in June.
In France, persistent spring rains and pest attacks have led to failures in sunflower establishment. As a result, the consultancy has lowered its area estimate for sunseeds. Despite this, EU's 2024 sunflower seed production is still expected to be 8% higher than last year.
Soybean production has seen a slight month-on-month decline to 2.99 million tons from 3.06 million tons in the previous forecast. However, this figure remains 3% higher than in 2023. The decrease is mainly due to lower projected outputs in Italy and France, where rainy weather has delayed soybean planting.
Overall, the weather challenges across the EU have significantly impacted the outlook for major oilseed crops, prompting Strategie Grains to adjust its forecasts accordingly.
(By Commoditiescontrol Bureau; +91 98201 30172)
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