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Australia's record canola crop and higher production forecasts for the EU are putting pressure on quotes globally

Updated Jan 10, 2023
January rapeseed prices continued to slide, with February rapeseed futures yesterday in Paris down 2.3% to €564.25/t or $605.4/t, in line with last month's level but down 2 .5% less than the level of last year and 3.5% less than the level at the beginning of the year. Canola is entering the global market from Canada and Australia, putting pressure on prices, especially given the projected increase in planted areas in the EU.
According to Oil World forecasts, in 2023 EU countries will increase rapeseed production from 19.1 to 19.6 million tons in 2023 compared to the previous year thanks to the expansion of the sowing area from 5.85 million hectares to 5.94 million hectares, which will become a 5-year maximum Sowing areas will be expanded the most in France - from 1.23 to 1.31 million hectares and in Germany - from 1.08 to 1.15 million hectares, as well as in the Scandinavian countries, in particular in Denmark and Sweden, while in the Baltic countries they will be reduced by 7%, but the harvest there will still exceed last year's thanks to the recovery of yields. ABARES experts predict that in 2022/23 Australia will harvest 7.3 million tons of rapeseed, which will exceed last year's record crop by 4%, thanks to an 11% increase in sowing areas. Thanks to good rainfall throughout the season, the condition of the canola crop was the best in more than two decades, so the final harvest could exceed the ...
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