French analyst Strategic Grains recently released its first-ever forecast for the 2023/24 oilseed crop, expecting the EU to expand rapeseed sowings next year as high prices encourage farmers to increase sowings and good weather conditions early in the growing season.
Strategic Grains expects the EU rapeseed harvestable area to be 6 million hectares in 2023/24, up 2.4 percent from 2022/23; sunflower seed planted area is expected to be 5.1 million hectares in 2023/24, close to the record set in 2022/23; and soybean planted area will increase to a record 1.11 million hectares, up 3 percent from the current year.
The report said rapeseed is currently quite attractive to farmers and good rainfall around planting time. Although European rapeseed prices have fallen back from the record highs set earlier this year due to the Russia-Ukraine conflict, they are still well above average. The report said that rapeseed area will increase mainly in Western Europe. In addition, France will need to monitor pest problems after a particularly warm fall.
In addition, next spring EU farmers are expected to sow large areas of sunflower seeds and soybeans, as these two oilseed crops have good economics and are favored in crop rotations because of lower input requirements compared to competing crops. This is a key factor in sowing selection given the current high cost of production inputs.
Source: BoE Guru
Post time: Nov-15-2022