Friday, August 07, 2009 9:35:11 PM
A biofuel consumption mandate, tax incentives, previously high petroleum prices, and preference for rapeseed oil are pushing rapeseed crush to a record volume, nearly double the level of just 5 years ago. Crush expansion is further supported by record production and a 3-fold rise in imports primarily from Ukraine.
Whereas EU soybean crush has trended lower over the years, this year’s drop is caused by confluence of events. Larger supplies of rape meal, sun meal, and record feed grain supplies have displaced the need for soybean meal.
The EU’s recent announcement of punitive duties on U.S. biodiesel could further boost crush for rapeseed as its oil is the major feedstock for biodiesel.
United States Department of Agriculture
Foreign Agricultural Service
Circular Series FOP 3-09 March 2009
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