Increase in world exports of rapeseed by 40% in April – May led to higher prices

Published Jul 12, 2024

Tridge summary

Global exports of rapeseed and canola increased by 40% in April-May of this year, reaching 2.92 mln tonnes compared to the same period in 2023. This includes increased exports from Canada, Australia, and Ukraine to China and EU countries. However, China has since reduced its rapeseed imports for the current season, along with the EU and Mexico, while Japan has increased its imports. The price of August rapeseed futures stabilized after a week of growth, but speculative price increases are expected due to reduced harvest forecasts in Ukraine and the Eastern EU due to heat. November canola futures on the Winnipeg stock exchange fell 5.8%, facilitated by favorable weather conditions and crop forecasts exceeding last year's total.

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

Original content

According to Oil World, in April-May of this year, the global exports of rapeseed and canola increased by 40% to 2.92 mln tonnes compared to the same period of 2023, in particular, from Canada – from 1.24 mln tonnes to 1.39 mln tonnes, Australia – from 0.85 mln tonnes to 1.32 mln tonnes, and Ukraine – from 29 thsd tonnes to 206 thsd tonnes. At the same time, China increased the imports of rapeseed from 0.91 mln tonnes to 1.07 mln tonnes, and the EU countries – from 0.23 mln tonnes to 0.87 mln tonnes. In general, in 2023/24 MY, the global exports of rapeseed totaled 15.41 mln tonnes, while in July-May of 2022/23 MY the exports reached 16.57 mln tonnes. At the same time, the exports from Canada decreased from 7.37 mln tonnes to 5.96 mln tonnes, while the exports from Australia increased from 5.35 mln tonnes to 5.67 mln tonnes and from Ukraine – from 3.42 mln tonnes to 3.66 mln tonnes. In the current season, China has reduced imports of rapeseed compared to the previous season from ...

Source: UkrAgroConsult