Australia continues to increase canola exports

In November, Australia saw a significant increase in canola exports, with Germany, Belgium, and the Netherlands being the largest buyers. Exports in November reached 769.5 thousand tons, a 180 thousand ton increase from October, and a marked contrast to November 2023's figures of 542.3 thousand tons. Lachstock Consulting predicts that Australia's canola exports will continue to rise, with December exports reaching 537 thousand tons and expected to increase to 648 thousand tons in January. A further 1.2 million tons is planned for February 2024, attributed to low soybean stocks in the US, dry conditions in Argentina, and increased biofuels requirements in the EU and Indonesia.