Australia increased processing and reduced canola exports by 65% in October
In Australia, ahead of the start of the new harvest, stocks of last year’s commercial rapeseed (canola) are declining, significantly limiting its exports, according to Oil World (Germany).
In October, shipments of the oilseed totaled only 63,000 tonnes, 65% lower than last year and the lowest monthly figure in four years.
Japan remained the main export destination in October, while no canola shipments were recorded to the EU or the UAE.
Canola processing, meanwhile, is showing record volumes and could reach a new peak by the end of 2025, thanks to growing demand for rapeseed oil on the global market.
Australian rapeseed oil exports in October were twice as high as last year, reaching 32,000 tonnes. Overall, shipments from January to October increased by 22% to 218,000 tonnes (+22%). Increased shipments to China, the United States, and New Zealand were recorded.
ABARES previously raised its rapeseed production forecast in Australia to 7.2 million tonnes (the USDA estimated 6.7 million tonnes in November), which is 18% higher than the previous season’s figure (6.1 million tonnes) and the 10-year average (4.8 million tonnes). The harvest will be the second-largest on record, after 8.44 million tonnes in 2022/23.
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