Increase in world exports of rapeseed by 40% in April – May led to higher prices

According to Oil World, in April-May of this year, the global exports of rapeseed and canola increased by 40% to 2.92 mln tonnes compared to the same period of 2023, in particular, from Canada – from 1.24 mln tonnes to 1.39 mln tonnes, Australia – from 0.85 mln tonnes to 1.32 mln tonnes, and Ukraine – from 29 thsd tonnes to 206 thsd tonnes.

At the same time, China increased the imports of rapeseed from 0.91 mln tonnes to 1.07 mln tonnes, and the EU countries – from 0.23 mln tonnes to 0.87 mln tonnes.

In general, in 2023/24 MY, the global exports of rapeseed totaled 15.41 mln tonnes, while in July-May of 2022/23 MY the exports reached 16.57 mln tonnes. At the same time, the exports from Canada decreased from 7.37 mln tonnes to 5.96 mln tonnes, while the exports from Australia increased from 5.35 mln tonnes to 5.67 mln tonnes and from Ukraine – from 3.42 mln tonnes to 3.66 mln tonnes.

In the current season, China has reduced imports of rapeseed compared to the previous season from 4.17 to 4.07 million tons, the EU – from 6.59 to 5.81 million tons, Mexico – from 1.22 to 1.14 million tons, while Japan increased imports from 1.68 to 1.97 million tons.

Yesterday, the August futures for rapeseed stopped falling at 476,5 €/t or 572 $/t (+1.4% for the month), losing the previous week’s growth. But the forecasts of reduced harvest in Ukraine and in the Eastern EU due to the heat in the near future will resume speculative price increases.

On the Winnipeg stock exchange, November canola futures on Monday fell 5.8% to 622 CAD/t or $456/t, which corresponds to the level of two weeks ago but is 4.2% lower than last month. This is facilitated by favorable weather conditions for crops and crop forecasts at 20 million tons, which will exceed last year’s 19.5 million tons.

Tags: Australia, Ukraine, EU, prices, rapeseed