Rabobank predicts a slight increase in Australia's winter crop harvest for 2024/25, reaching 47.1 million tons, which is 1% higher than the previous season but still 13% below the five-year average. The forecast includes a decrease in canola production due to both reduced sowing areas and unfavorable weather conditions, with the official harvest forecast at 5.5 million tons but local analysts estimating 5 million tons. Port prices for Australian premium white wheat are expected to range from 320-360 AUD/t ($211-238/t) in late 2024 and H1 2025, while feed barley prices are expected to be 290-320 AUD/t ($191-211/t). Non-GMO canola prices for H1 2025 are projected to be 730-780 AUD/t ($482-515/t), and GMO canola prices will be 8-12% lower. Canola prices have surged due to downgraded production forecasts in Australia, leading to increased demand for vegetable oils and potential alternative sources as the EU imposes duties on oil crop imports from Russia and Belarus.