Australian canola exports grow significantly
According to the latest data from the Australian Bureau of Statistics, the country exported 769,500 tons of canola seed in November, compared to 180,000 tons a month earlier and 542,300 tons in November 2023, Grain Septgal reported.
The largest markets for Australian canola in November were Germany with 310,100 tons, Belgium with 192,900 tons and the Netherlands with 65,700 tons.
According to the latest Lachstock Consulting Australian Export Vessel Line-ups report, Australia is expected to export 537 thousand tons in December and could ship 648 thousand tons in January. The Lachstock GM Canola Market Wire report also notes that 1.2 million tons of canola is scheduled for export in February.
Export growth is driven by forecast oilseed harvests, limited soybean stocks in the U.S., drought conditions for crops in Argentina and increased biofuel mandates in the EU and Indonesia, analysts said.
ABARES earlier raised its forecast for Australian canola production in MY 2024/25 to 5.6 million tons, 8% above the MY 2023/24 crop and 10% above the 10-year average.
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