The global oilseed flax crop in 2023/24 MY will be the smallest in the last 5 years

According to Oil World (Germany) forecasts, the world production of flax seeds in 2023/24 MY will be the lowest over the past 5 years - only 3 million tons (-17% per year). Low production is expected due to a sharp reduction in acreage in key producing countries. In particular, North American farmers have lost interest in growing flax due to increased export competition from the Russian Federation and Kazakhstan. Thus, in Canada, the area under oilseeds decreased by 22% - to only 0.25 million hectares, which is the smallest result in more than 20 years. In addition, the decline in flax crops is also observed in Kazakhstan and the Russian Federation, as local farmers switched to growing more profitable grains and oilseeds. However, analysts note that the expected decline in global flax production will be partially offset by fairly high Chinese stocks at the beginning of 2023/24 MY after the country's record imports of oilseeds (up to 1 million tons in August-July 2022/23 MY ...