MarketsFarm – Good canola/rapeseed crops in Australia and a number of other parts of the world along with large world sunflower seed production should help offset Canada’s small production somewhat, according to the December Oil Crops Outlook from the United States Department of Agriculture.
Total global canola/rapeseed production is now forecast at 68.35 million tonnes by the USDA, up by 850,000 from the November forecast due to better crops in Australia, the European Union, India and Russia. Australia’s canola crop in particular is forecast to hit a new record for the country of 5.5 million tonnes.
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The increase in world production comes despite a downward revision to the already small Canadian crop, with the USDA pegging Canada’s crop at 12.6 million tonnes — in line with Statistics Canada.
Total Canadian canola exports in the 2021-22 marketing year are forecast at only 5.3 million tonnes by the USDA, which was down by 400,000 tonnes from the November estimate and 200,000 tonnes below the current Agriculture and Agri-Food Canada forecast. Canada exported 10.5 million tonnes of canola in 2020-21.
Canada’s domestic crush for 2021-22 was left unchanged at 8.5 million tonnes by the USDA.
As a result of a larger crop in Australia, 2021-22 exports out of that country are forecast to increase to a record 4.6 million tonnes, according to the USDA.
Large world sunflower seed crops are also expected to help offset Canada’s smaller canola crop, with sunflower oil exports from Russia and Ukraine forecast to be up on the year.
Total world sunflower seed oil production is forecast at 22.0 million tonnes by the USDA, which would be up by 2.9 million tonnes from 2020-21. China, the European Union and Turkey are expected to be the largest export destinations, with Russia and Ukraine also consuming large amounts domestically.
