Global rapeseed stocks shrink on EU crop struggles
Another poor European rapeseed crop is expected to tighten supplies globally.
USDA forecasts production at 14-year lows as EU nations struggle with dry conditions and heavy insect pressure.
One of the EU’s top importers, Ukraine, is also looking at a short crop because of weather.
It is believed that Canada’s bumper crop of canola, which is similar to rapeseed, won’t be enough to balance out stocks.
And Bloomberg reports some of those exports could indirectly end up in China instead of the EU.
Rapeseed and canola are primarily used in biofuel and cooking oil.