Inside Grains
Australia exports more rapeseed to the EU
Global canola production will increase in the 2021/2022 season, according to the USDA. But consumption is also growing, so that the rapeseed stock remains tight. At the same time, we see that Australia is significantly increasing its rapeseed export to the EU.
Would you like to continue reading this article?
Become a subscriber and get instant access
Choose the subscription that suits youRapeseed consumption has been higher than production for a number of years. This does not seem to be changing this season. The USDA expects world oilseed rape production to reach 73,2 million tons. That is 2,5% higher compared to a year earlier. Rapeseed consumption is growing by 0,5% to 73,5 million tons. The estimated final stock therefore amounts to 5,5 million tons. For the EU, the USDA forecasts a harvest of 16,6 million tons. That is 400.000 tons more compared to the previous season.
Australia increases market share
In recent years, the EU imported a lot of rapeseed from Canada and Ukraine. These countries are also currently important suppliers of rapeseed, according to Eurostat import figures. But Australian rapeseed has also been on the European market in large quantities since March (the latest Eurostat figures). The EU imported almost 420.000 tonnes of rapeseed from Australia in March. For comparison: the 5-year average is approximately 255.000 tons and number 2 Canada was good for more than 160.000 tons in the same month. According to the Australian grain market agency Aegic, the high demand from the EU is partly due to our rules regarding biofuels. Rapeseed oil fits in well as an additive to diesel.
