EU imports of rapeseed have hit record levels this season as the continent tries to meet its import requirements, according to AHDB’s latest market commentary.
“A difficult growing season for both the domestic and the European crop has left the continent requiring c.5.5Mt in imports, according to the EU commission,” states the report.
“Since 1 July, the EU has imported just over 2.04Mt of rapeseed by 6 Oct, according to the EU commission. This import volume is 92% higher than last year for the same period, making it the largest on record. EU exports of rapeseed have declined 78% over the same period.
“Widespread pest damage and dry conditions last year, in conjunction with a reduced EU rapeseed planted area, resulted in a production figure of 16.93Mt. This is 20.6% lower than the five-year average.
“According to the EU commission balance sheet, rapeseed usage figures for the EU point towards 22.94Mt, meaning a deficit of 6.02Mt is required to be met from imports and carryover stocks. With over 2.0Mt brought in already, import demand sits around 3.5Mt for the remainder of the season.”