Small EU canola crop increases the imports of Canada and Australia oils

Australia's top and Canada's second canola customer in 2019-20 are expected to be a major player again this year. The United States Department of Agriculture’s Foreign Agriculture Service (FAS) forecasts that farmers in the European Union will harvest 16.6 million tonnes of rapeseed in 2020-21 which is the smallest crop since 2006-07. There is a good supply of rapeseed in the global market due to higher production in Australia and Canada. The EU was Canada’s second-biggest buyer behind Japan last year. It imported 2.1 million tonnes of Canadian canola. EU's demand for Canadian and Australian canola might be even stronger this year. Canada has the advantage to export and capture the sales in the coming weeks as Australian canola won't be harvested till November.