Canola supplies from Australia continue to put pressure on canola prices in the EU

Rape quotes on the Paris stock exchange fell to their lowest level since September 2022 amid a drop in global demand for vegetable oils following lower oil prices and increased supply in the European market due to record canola crops in Australia and Canada, as well as a good crop in the EU. During March, May rapeseed futures in Paris fell by 9.4% to €482.75/t or $518.5/t (-15% for the month, -48% for the year), and canola in Winnipeg - by 8.3% to CAD 757/t or $553/t (-8.5% for the month, -19% for the year). From July to February of the 2022/23 season, 27 EU countries imported 4.6 million tons of rapeseed, which is 45% higher than last year's rate. According to Agrarmarkt Informations-Gesellschaft (AMI), the leader among the main suppliers of rapeseed to the EU, despite the war, remained Ukraine, whose share in the total import of rapeseed to the EU increased to 2.6 million tons or 56% compared to 50% in 2021 /22 MR. The second position, thanks to the record harvest, is occupied ...