November 20, 2013

Global rapeseed, sunflower seed production seen at record high

Oil World said that global production of sunflower seeds may be larger than estimated a month ago and rapeseed output will reach as high as prospects improved for crops from Canada to Russia, while palm oil supplies will also rise.

Sunflower seed production may be a record 40.2 million tonnes, 600,000 tonnes higher than estimated a month ago and 13% larger than last year, Oil World said in an e-mailed report. World production of rapeseed and rapeseed may reach an all-time high 67.7 million tonnes in the 2013-14 season, including 21.01 million tonnes from the EU and 16.5 million tonnes in Canada, it said.

Rising production for everything from corn to rapeseed this season sapped crop prices globally, with rapeseed prices on NYSE Liffe in Paris sliding 17% since January 1. Oil World raised its sunflower seed production forecasts for Russia and Ukraine by a combined 500,000 tonnes, so that output in the world's top two growers probably will reach a record 19.1 million tonnes, even though excess rain slowed harvesting in recent months.