China purchased over 5 million tons of canola in 2022/23 MY
In the season-2022/23, China imported about 5.1 mln tonnes of canola, although in January of this year, the analysts of the US Department of Agriculture (USDA) claimed that the supply of this oilseed to China would be only 2.5 mln tonnes. This was reported by The Western Producer.
According to the industry experts, such a sharp increase was caused by the recovery of the production volumes in Canada and the record harvest of the oilseed in Australia in 2022.
For instance, according to the Canadian Grain Commission, Canada shipped 4.71 mln tonnes of canola to China from August 2022 to July 2023, compared to 1.22 mln tonnes in the same months of the previous crop year.
“China’s active demand was also supported by the upward price dynamics on the global vegetable oil market,” the experts said.
At the moment, the USDA expects the reduction of rapeseed supplies to China in 2023/24 MY to 3.4 mln tonnes, amid the forecasted decrease of production in Canada and Australia in the new season – to 17.37 mln tonnes (-7% y/y) and 5.15 mln tonnes (+38% y/y), respectively.
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