Global linseed harvest in 2023/24 MY will be the smallest in the last 5 years

The global production of oilseed linseed in the next season may decrease by 17% and amount to only 3 mln tons, which will be the weakest indicator in the last five years. This forecast was made by the experts of the Hamburg-based analytical agency OilWorld (Germany). In their opinion, the decline in gross harvest will occur against the background of reduction of the crop area in key producing countries.

“The North American farmers lost interest in flax cultivation due to the increased export competition from Russia and Kazakhstan. Thus, in Canada, the acreage under the oilseed decreased by 22% to only 0.25 mln ha, which is the lowest result in more than 20 years,” the materials say.

According to the experts, linseed acreage also decreased in Russia and Kazakhstan, as local farmers switched to growing more profitable grains and oilseeds.

However, the industry experts expect that the decline in production will be offset by high carry-over stocks of linseed in China after the record imports of the oilseed from China (1 mln tonnes in August 2022-July 2023, compared to 0.5 mln tonnes a year earlier).

“At the same time, we note that the deteriorating prospects of the global oilseed production in 2023/24 MY along with the limited stocks of old crop (primarily in Russia and Kazakhstan) will create the supply shortage on the global market among the crushers in the new season”, – OilWorld (Germany) added.

Tags: linseed