Source: Oleoscope (Russia)
According to the Australian Bureau of Statistics, the country exported 386.65 thousand tons of canola to foreign markets in July, down 13% from 444.73 thousand tons in June, Grain Central reports.
The three largest markets for Australian canola in July were the United Arab Emirates (152,380 tons), Japan (151,870 tons) and France (59,080 tons).
According to ABS data, China has bought Australian canola oil for several months in a row for the first time in many years, according to trade sources. Although exports in June and July were only 500 tons, this could indicate that China is willing to reconsider its decision to ban supplies from Australia in early 2020.
Total Australian canola exports in July 2024 were 9% lower than the 424,100 tons in July 2023, when the top three destinations were Japan, followed by Pakistan and Belgium.
Lachstock Consulting forecasts that Australia will ship 352,000 tons of canola in August, in line with the pace of shipments prior to the new crop trade.
At the same time, Australian analysts expect demand for canola from the EU to increase this season, as the forecast for EU canola production has been lowered to 17.6 million tons (20 million tons in 2023) due to continued rainfall in France and Germany negatively impacting harvests.