Australia and Canada expect increased demand for canola from the EU in the new season

Experts of Oil World (Germany) reduced the forecast of rapeseed production in the EU in 2024 to 17.6 million tons (20 million tons in 2023), as long rains in France and Germany negatively affect crops. And the European Commission predicts a decrease in production to 18.38 million tons. Therefore, Australian analysts expect an increase in demand for canola from the EU in the current season. At the same time, Oil World warns of a possible reduction in supplies of sunflower and rapeseed oil from the Black Sea region as a result of adverse weather conditions, which will be partially offset by an increase in soybean oil imports. The increase in demand for canola will be facilitated by the temporary anti-dumping duties introduced by the European Commission against Chinese biodiesel and renewable fuel, which will take effect on August 16. 39 Chinese exporters of biodiesel will be taxed with an anti-dumping duty of 36.4%, three more will receive rates in the range of 12.8-36.4%, and for ...