August 20, 2014
Oil World: world rapeseed exports to fall on reduced crops
Oil World forecasts that global rapeseedexports will fall in the year through June 2015, due to reduced crops in Canada, Ukraine and Australia as well as a bigger harvest in Europe, Bloomberg reported.
According to Oil World, global shipments of the crop may fall to 13.6 million to 13.9 million tonnes in 2014-15, down from last year''s record high of 15.2 million tonnes. However, despite the fall, it would still set the second-highest export level on record.
"Most of the adjustment on the import side is likely to occur in the European Union, where we now consider it likely that imports will decline to a multi-year low," Oil World as cited as saying in Bloomberg''s news report.
The EU is forecast to harvest 23.5 million tonnes of rapeseed, up by 2.3 million tonnes from last year and 400,000 tonnes more than the previous forecast, Oil World said. It is expected to reduce the EU''s imports to 2.3 million tonnes from 3.8 million tonnes.
Oil World raised production estimates for France, Czech Republic, the UK and Hungary.
Demand from the US is seen falling on a bigger domestic crop, while Pakistan, the United Arab Emirates and probably Japan are expected to increase imports, Oil World said, adding that China will be a swing factor.
Canadian exports of
canola, a variety of rapeseed, are estimated to drop to 7.8 million tonnes in the year through July 2015, compared to last year''s record of 9.27 million tonnes.
The country''s canola crop is forecast to fall to 14.7 million tonnes from about 18 million tonnes.