Strategic Grains cuts European Union rapeseed and sunflower production forecasts again

Gold Ten Futures, July 29, according to foreign media reports, the consulting agency Strategic Grains (Strategie Grains) said on Monday that due to the adverse weather continues to affect the main oilseed crops of the European Union, once again cut the monthly forecast for this year's European Union rapeseed and sunflower production. It is expected that the European Union's 2024 rapeseed production will be 17.27 million tons, lower than the 17.80 million tons predicted a month ago, and nearly 14% lower than last year's level; it is expected that the European Union's 2024 sunflower seed production will be 9.65 million tons, lower than the previous forecast of 10.49 million tons and lower than last year's 9.80 million tons. For the European Union's smaller soybean crop, the 2024 soybean production forecast remains unchanged at 2.99 million tons, 4.6% higher than last year's production, and the increase in planting area is expected to offset the decrease in yield.