REFILE-Strategie Grains cuts EU 2020/21 rapeseed import forecast to 5.9 mln T
(Refiles to add dropped word 'import' from headline)
PARIS, Nov 9 (Reuters) - Strategie Grains has lowered its forecast of rapeseed imports in the European Union and Britain this season to 5.9 million tonnes from 6.3 million a month earlier, the consultancy said in an oilseed report.
The reduced projection for 2020/21 reflected a decline in the attractiveness of European prices compared with the world market, which was expected to curb flows of Canadian and Australian supplies towards Europe, Strategie Grains said.
The consultancy now saw EU and British 2020/21 imports below last season's level, which it revised up to 6.3 million tonnes from 6 million previously.
The reduced price attractiveness of rapeseed, along with an expected drop in biodiesel demand due to coronavirus lockdown measures, led Strategie Grains to trim its outlook for rapeseed crushing in Europe.
However, the reduced imports and another small harvest this year should keep rapeseed supply tight and prices on an upward trend, it said.
(Reporting by Gus Trompiz, editing by Louise Heavens)
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