Extreme weather events, from torrential rains to scorching heatwaves, have wreaked havoc on the Europe’s vital agricultural sector. With crop yields plummeting and food prices on the rise, the implications for both consumers and the global market are profound.
Strategie Grains has once again lowered its forecast for canola
- Canola (a plant used for vegetable oil) harvest in the EU is expected to be lower than expected due to extreme weather conditions. This summer’s heavy rain has significantly impacted crops in many regions, including France, Germany, Poland, Hungary, and Romania.
- The sunflower seeds harvest forecast in the EU has also been lowered for the second consecutive month. The new forecast is 9.65 million tons, which is lower than the 10.49 million tons expected in June.
- Soybean harvest in the EU is expected to be 4.6% higher than the previous year. This is the only positive news in the report.
- Earlier, UFOP warned of an impending global canola shortage. According to forecasts from the International Grains Council (IGC), world canola harvest in 2024/25 will be 87.2 million tons, 2% less than last year, due to a reduction in planted areas and a 5.1% decrease in yields in Western Europe, while preliminary estimates stood at 18.7 million tons of canola
As the world grapples with the challenges of climate change, the agricultural sector is emerging as a frontline battleground. The crisis unfolding in Europe serves as a stark reminder of the urgent need for sustainable and resilient food systems.