Global: USDA forecasts decline in rapeseed harvest and processing in Ukraine

Published 2024년 5월 15일

Tridge summary

The USDA forecasts global rapeseed production to remain steady at over 88.34 mln tonnes for the 2024/25 season. Canada is expected to be the largest producer, with the EU experiencing a significant decline. World exports are projected to increase by 6% to 17.64 million tons, largely due to increased production in Australia and higher demand from the EU. However, global rapeseed stocks are predicted to decrease by 4% to 7.8 mln tonnes, primarily due to increased exports from Canada and Australia. Global rapeseed meal production is forecasted to remain near record levels, with the US remaining the largest importer of rapeseed meal, mainly from Canada. Rapeseed oil production is expected to remain relatively stable at around 34 mln tons, despite a predicted decrease in production in Ukraine. The global supply of rapeseed oil is expected to continue to decline, and global consumption in the food industry is projected to grow by 3%.

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

Original content

The global rapeseed production in 2024/25 is forecasted at over 88.34 mln tonnes, which corresponds to the previous season. This is stated in the report of the US Department of Agriculture (USDA) for May. “Canada is expected to regain its position as the largest producer in the world after the European Union has overtaken it over the past 3 years. It is expected that the EU will face a significant decline in rapeseed production. In addition, it is expected that production growth in Australia and Bangladesh will largely offset the losses in Ukraine and India,” experts forecast. At the same time, it is expected that the world’s rapeseed stocks will decrease to 7.8 mln tonnes (-4%), with Canada and Australia reducing the stocks amid the export growth. World exports will increase to 17.64 million tons (+6%) due to increased production in Australia. Exports from Canada will also increase due to the growth of demand in the EU due to a smaller harvest. “The global rapeseed processing ...

Source: UkrAgroConsult