PARIS, Oct 6 (Reuters) – Crop consultancy Strategie Grains has raised its estimate of the 2014 rapeseed crop in the European Union to 23.8 million tonnes from 23.2 million last month, as the tail-end of this year’s harvest confirmed record production.
Like other forecasters, Strategie Grains had already anticipated that the EU rapeseed crop would break a previous record of near 22 million tonnes, after good growing conditions this year across the 28-country bloc.
Strategie Grains’ revised estimate put 2014 output nearly 13 percent above the 21.1 million tonnes harvested last year.
Rapeseed is the most widely grown oilseed crop in the EU and is used to make edible oil, biodiesel fuel and animal feed.
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The record EU crop helped pushed European rapeseed futures to a four-year low during the summer harvest season, and weak prices are expected to contribute to fall in rapeseed sowings for next year’s harvest.
“As (of) today, EU rapeseed areas are forecast down for the 2015 harvest. This could be a supporting factor for the rapeseed price, nevertheless the bearish influence from soybeans should prevail,” Strategie Grains said in a monthly oilseed report.
U.S. soybeans, the main driver of global oilseed prices, have also slipped to a four-year low in response to what is forecast to be record-large production in a U.S. harvest that is getting under way.
Strategie Grains also raised its estimate of the ongoing sunseed harvest in the EU by 100,000 tonnes to 8.7 million tonnes, although this was still down on the 8.9 million tonnes in 2013.
