US and Australian experts have given conflicting forecasts for the rapeseed crop

Published Apr 20, 2024

Tridge summary

Australia is set to see a 4% reduction in rapeseed acreage for the 2024-2025 season, totaling 8.27 million acres, primarily due to anticipated drought conditions in Western Australia, a region that contributed 44% to the country's rapeseed production last season. Despite this decrease, production forecasts vary, with the Commonwealth Bank of Australia predicting 5.67 million tons and the U.S. Department of Agriculture estimating a higher output of 6.5 million tons, alongside an expected acreage increase to 9.39 million acres driven by projected higher prices. As the world's second-largest exporter of rapeseed, Australia is witnessing a shift in its export markets, moving away from the European Union towards new destinations such as Japan, the UAE, Pakistan, and Mexico.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Rapeseed in Australia will cover 8.27 million acres (3.35 million hectares), 4% less than last year. The Commonwealth Bank of Australia (CBA) estimate was released by Western Producer on April 18. If the drought in Western Australia continues for another month, the bank estimates a significant reduction in the crop is possible. The state produced 44% of Australia’s rapeseed in the 2023-2024 season. The second and third places in rapeseed production are shared by New South Wales and Victoria. Conditions in New South Wales look “phenomenal” ahead of the fall planting season. In Victoria, conditions are also favorable, but farmers are hoping for rain by June. The Australian Bureau of Meteorology is forecasting above-average rainfall in New South Wales from May to July, but below average in many parts of Victoria and Western Australia. “If the drought in Western Australia and Canada continues, carryover residuals could be the lowest in eight years. We expect prices to rise,” the ...
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