UFOP expects canola exports from Canada to increase by 30%

The Canadian canola crop in 2024 is expected to be only slightly behind last year’s result. With consumption rising and exports revitalized, ending stocks are projected to decline markedly, according to UFOP, the oilseed and grain promotion union.

According to the latest data from the International Grains Council (IGC), this year’s Canadian canola crop will be 19 million tons, down 1% from 2023. In September, the USDA was still expecting a crop of 20 million tons. In addition to a slight reduction in planted area, lower yields are likely to have an impact on the final harvest.

Canada and the EU are the world’s leading producers of rapeseed and canola, respectively, regularly producing around 20 million tons per year. This season, the EU in particular will have to increase imports to supply domestic oil mills due to lower yields, including from Canada.

Given the slight increase in Canadian domestic consumption to 11.9 million tons, the oilseed surplus stands at 7.1 million tons. Nevertheless, stocks, at 1.7 million tons, are likely to be well below last year’s 3 million tons. The main reason for this is the expected large export volumes.

According to Agrarmarkt Informations-Gesellschaft (mbH) research, Canada is likely to ship almost 30% more rapeseed (8.7 million tons) than in 2023/24. The main reason is that world supplies are rather scarce, with smaller export volumes

Tags: export, rapeseed, crop forecast