China bought twice as much canola for the year as the USDA had predicted

Updated Sep 27, 2023
According to USDA estimates, in the current agricultural year, rapeseed imports to China will amount to 5.1 million tons, although in January it was forecast within 2.5 million tons, The Western Producer reports.
This inaccuracy of the forecast is explained by the publication's analysts by the fact that "in the list of tasks of the USDA, rapeseed supplies are in the last 10% of the list", so the January forecast was a preliminary figure that had to be revised as new data became available. China's increase in imports is also driven by a recovery in production in Canada and a record harvest in Australia in 2022. According to the Canadian Grain Commission, in FY 2022/23, the country exported 4.71 million tons of canola to China, compared to 1.22 million tons in FY 2021/22. Against the backdrop of a record crop of 8.27 million tons harvested in 2022, Australia has significantly reduced rapeseed prices for China. The increase in rapeseed imports was also facilitated by the increase in demand and prices for vegetable oils. "When oil prices are rising and flour prices are falling, canola has a significant advantage, as it contains much more oil than other crops, including soybeans," analysts of ...
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