In October WASDE, global rapeseed export forecast was left almost steady – at 17.37 MMT vs 17.28 MMT LM (17.81 MMT LY). The forecast was revised lower for Australia and Ukraine – each by 0.1 MMT to 4.65 MMT and .22 MMT respectively. At the same time, for Canada the forecast was raised by 0.35 MMT to 7.35 MMT (6.75 MMT in 2023/24 MY), despite the dispute between Canada and China regarding the canola trade, which, however, died out for now.
Oct WASDE for the consecutive month lowered global rapeseed production forecast for 2024/25 MY – this time to 87.44 MTM vs 87.55 MMT previously (89.32 MMT LY).
Main downward revision of crop was made for the EU – to 17.45 MMT (-0.2 MMT) and Ukraine – to 3.6 MMT (-0.1 MMT). However, the forecast was raised for China – to 15.8 MMT (+0.2 MMT).
Global rapeseed ending stocks for 2024/25 MY were lowered by 0.3 MMT to 8.05 MMT, while global crush was increased by 0.25 MMT to 84.8 MMT.
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