Australia exported more than 0.5 million tons of canola in November

According to experts of the Australian Bureau of Statistics (ABS), in November 2023, the country exported 544 thousand tons of canola, which is 43% higher than in the previous month.

Australia shipped the main volumes of oilseed to Germany (129.9 thousand tons), as well as to the UAE (119.5 thousand tons) and France (118.2 thousand tons). At the same time, according to experts, the shipment of Australian canola is significantly inferior to the result in November 2022 (761.7 thousand tons).

Also, according to the forecasts of experts of Lachstock Consulting, in December 2023, the volume of oilseed exports from the country may reach about 598 thousand tons. Thus, the total canola exports from Australia in the first quarter of 2023/24 MY are expected to be 20% less than in the same period of 2022/23 MY, which will be due to a reduction in the oilseed crop.

Lachstock Consulting estimates Australia’s current canola crop at 5.8 million tons (5.5 million tons estimated by ABARES), well below the previous MY record.

Also, according to Lachstock analysts’ forecasts, at the early stage of canola planting for the 2024/25 MY crop, planted areas will be lower against the background of low prices for oilseed, which makes it less attractive for Australian farmers in terms of profitability.

Tags: rapeseed, Australia