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EU facing large rapeseed imports as small crop looms-Oil World
HAMBURG, July 16 (Reuters) - European Union rapeseed imports are likely to rise sharply in the coming months as indications intensify that Europe’s rapeseed crop this summer will be small, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"The looming severe decline in EU rapeseed production is likely to boost rapeseed and canola imports to a new high of close to 5.6 million tonnes in July 2019/June 2020," Oil World said.
Imports for 2018/19 are estimated at 4.3 million tonnes.
Oil World expects the EU’s 2019 rapeseed crop to fall to 17.5 million tonnes from 19.9 million tonnes in 2018. Sharp falls are expected in France, Germany and Romania.
"Earlier hopes of improving crop prospects in major EU rapeseed producing states did not materialise following unusually dry conditions in late May and early June and further downward revisions in this year’s rapeseed area," Oil World said.
Rapeseed harvesting is gathering speed in central Europe but reliable yield reports are still lacking so the forecast could still be changed, it said.
"On paper, world supplies of rapeseed and canola appear to be sufficient, assuming normal weather conditions in Ukraine and Canada in coming weeks, to satisfy record EU import requirements in 2019/20," it said.
"However, non-tariff trade barriers on Canadian canola and the risk that EU importers face Chinese competition for Ukrainian rapeseed remain major variables to watch in coming weeks." (Reporting by Michael Hogan; editing by Jason Neely)
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