Australia awaits new canola crop of 5.4 million tons

Published 2024년 8월 28일

Tridge summary

The Australian Oilseeds Federation (AOF) has predicted Australia's new crop canola harvest at 5.435 million tons from an area of 3.2 million hectares, with the production estimate varying slightly from other sources. The season has seen unusual weather conditions, with some areas experiencing dry weather and others heavy rainfall. Canola prices have risen since planting, but the market has been affected by a large US soybean crop. Meanwhile, Europe is experiencing canola shortages due to unfavorable weather conditions, leading to a decrease in production. The European union's expected canola harvest is around 18.5-19.7 million tons, a decrease due to adverse weather and restrictions on chemical use, with further decreases expected in Ukraine.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Australian Oilseeds Federation (AOF) has forecast Australia’s new crop canola harvest at 5 million 435,000 tons from an area of 3.2 million hectares. The production estimate is the first released by the AOF this season, adding 36,000 hectares to the original area estimate released in early June. Both figures are lower than AOF’s 2023-2024 crop estimates of 5 million 802 thousand tons from 3.6 thousand hectares and slightly higher than the latest ABARES estimates of 5 million 385 thousand tons and 3.1 thousand hectares released on June 4. The AOF report said the current season has been somewhat atypical, with areas used to predictable and useful rainfall experiencing very dry weather, while some typically drier regions have received heavy rainfall. Australian canola prices have risen since planting, but the oilseed complex has recently been impacted by the large US soybean crop, which is pulling all prices down. Possible canola shortages in Canada and Europe, however, could ...

Source: UkrAgroConsult