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Oil World ups global rapeseed forecast

hamburg / reuters / Analyst Hamburg Oil World predicts the 2012-13 rapeseed/canola crop will rise by two million tonnes this year to 61.6 million tonnes.

It estimates Canadian production will be 16.2 million tonnes — up from 14.5 million tonnes last year. It predicts China will import 2.7 million tonnes (up from 2.4 million last season) and says imports of 3.0 million tonnes cannot be ruled out.

“We expect that Chinese import demand for Canadian canola will be particularly high until December, and it remains to be seen how aggressively China buys,” it said.

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