Canadian crop estimate supports global canola price

Published 2024년 12월 9일

Tridge summary

Canada and Europe are expected to see a decrease in rapeseed harvest, with Canada predicted to harvest 17.8 million tonnes, down from 18.5 million tonnes, and the EU's harvest expected to be 17.2 million tonnes, a 13% decrease from 2023. This reduction in availability will increase the reliance on imports, primarily from Ukraine, which has also seen a decrease in production. Australia, the second-largest supplier, is unable to significantly increase its export volume due to a decrease in production. The anticipated decrease in rapeseed availability is expected to drive up prices, with rapeseed now listed on the Paris futures market at nearly 530 euros per tonne for February delivery, up from the price a year ago.

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

Original content

Analysts predicted a reduction to around 18.5 million tonnes of rapeseed. Statisticians at StatCan surprised with a larger adjustment and now arrive at a harvest of 17.8 million tonnes. The lower production means that Canada has less rapeseed available for export, while it was expected that Canada would be able to export more rapeseed. This also has indirect consequences for the European Union (EU). The EU itself is dealing with a smaller rapeseed harvest: 17.2 million tonnes. That is 13 percent less than in 2023. This means that the member states are more dependent on imports from third countries. The bulk of the rapeseed imports come from Ukraine. Smaller rapeseed harvest But Ukraine itself is dealing with a smaller harvest and therefore also less product available for export. Despite this, the EU has already imported almost 1.8 million tonnes of rapeseed from that country up to 1 December. Belgium, the Netherlands and Germany are the largest buyers of this. So far, the EU has ...

Source: Nieuwe Oogst