Canada is forecast to export 8.7M tonnes of rapeseed in the current season – almost 30% more than in 2023/24, according to research by Agrarmarkt Informations-Gesellschaft reported by Germany’s Union for the Promotion of Oil and Protein Plants (UFOP).
The increase in shipments was due to tight global supply, following a reduction in rapeseed supplies from Ukraine and Australia, both major rapeseed exporting countries, the 23 October report said.
As the use of Canadian rapeseed in the European Union (EU) was restricted due to its genetically modified varieties, the biofuels market was the most important trade channel for the country’s canola oil in the EU, the UFOP said.
At 19M tonnes, Canada’s 2024 canola harvest was expected to decline by 1% compared to the previous year, according to the International Grains Council (IGC).
Lower than the US Department of Agriculture (USDA)’s September forecast of 20M tonnes, the IGC’s revised estimate was due to a slight reduction in production area and lower yields, UFOP said.
Canada and the EU-27 are the world’s leading producers of canola and rapeseed, each producing approximately 20M tonnes/year, according to the report.
Due to a smaller EU harvest this season, the bloc has been more reliant on imports – including from Canada – to supply its oil mills, UFOP said.
With Canadian domestic rapeseed consumption expected to rise slightly to 11.9M tonnes, the country was expected to have a surplus of 7.1M tonnes.
However, stocks were expected to drop to 1.7M tonnes, well below the previous year’s total of 3M tonnes, due to the expected increase in exports, the report said.
