European Union rapeseed and sunflower seed harvests are forecast to climb on increased planting and higher yields, Oil World said.
Rapeseed production in the EU excluding Croatia is predicted to rise to 20.5 million metric tons from 19.4 million tons in 2012, the biggest crop in three years, while the sunflower crop may climb to 8.25 million tons from 6.92 million tons, the Hamburg, Germany-based researcher wrote.
Rapeseed for November delivery traded on NYSE Liffe in Paris, the European benchmark, has slumped 15 percent this year on an outlook for bigger crops in Europe as well as rising soybean production in the U.S.
“Prospective larger-than-expected new-crop supplies of rapeseed and sunseed in the EU are keeping soft-seed prices under considerable pressure both on the domestic market and worldwide,” Oil World wrote.
The harvested rapeseed area is estimated at 6.47 million hectares (16 million acres) from 6.22 million hectares in 2012, with yields rising to an estimated 3.17 tons per hectare from 3.12 tons in 2012.
Germany is predicted to overtake France as the bloc’s largest grower of rapeseed, lifting output to 5.75 million tons from 4.82 million tons, while French production is seen sliding to 5 million tons from 5.48 million tons.
The EU’s sunflower area is seen at 4.44 million hectares from 4.24 million hectares last year, with yields advancing to 1.88 tons per hectare from 1.63 tons, Oil World wrote.
“Warm temperatures and largely sufficient moisture supplies have supported the development of sunflower crops in the major growing regions of late, suggesting very promising yields,” Oil World said.
Sunflower seed production in France, the EU’s biggest grower, is forecast to rise to 1.77 million tons from 1.58 million tons, the report showed.
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