Australia’s April canola exports at 648,322t up 25pc on month

Australia exported 648,322 tonnes of canola in April, up 25 percent from 520,450t shipped in March, according to the latest data from the Australian Bureau of Statistics.

Belgium on 245,234t was the largest destination for April-shipped canola, followed by Germany on 119,734t and Japan on 114,575t.

In its latest GM Canola Market Wire dated May 20, Lachstock Consulting said canola values have kept their upward momentum over May, reflecting ongoing dry conditions in Australia amid higher offshore values.

“Global canola markets have rallied, mostly due to short covering rather than any fundamental changes as the market reacts to weather chaos in Brazil,” Lachstock said.

While rain in Western Australia has been yield-saving, much of South Australia and western Victoria remain desperately dry.

Lachstock’s most recent estimate but Australia’s April-June canola exports at 1.72 million tonnes (Mt), which points to total shipments in the year to September 30 being 4.92Mt.

Tags: Germany, Market, Australia, export, canola, estimate, Belgium