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EU rapeseed production forecast cut after 'slow' start to season

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Consultancy Strategie Grains has lowered the bar on market forecasts for EU rapeseed production for 2019 after a slow start to growing season and insect attacks.

The firm estimates the bloc will turn out 17.40m tonnes during the season - down from 17.81m tonnes on the its estimate a month ago.

Other analysts have been downwardly revising their estimate for the EU rapeseed harvest, which is still being harvested, and continue to show the effects of a poor start to the growing season, marked by drought and insect attacks.

Strategie Grain’s downward revision falls below that of Oil World which predicted production would be 17.5m tonnes.

However, it is still above the European Commission and a larger consensus which estimates production at 17.98m tonnes of production for the year.

The latest forecast from the EU Crops Market Observatory is 17.98m tonnes, based on 5.88m hectares sown and a yield of 3.06 tonnes per hectare.

November rapeseed futures flat in early deals at E378.50 a tonne, remaining close to eight-month high of E380.00 a tonne set last week.

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