Australia exports 544,045t canola in Nov

Australia exported 544,045 tonnes of canola in November, up 43 percent from the October total of 381,506t, according to the latest data from the Australian Bureau of Statistics.

Germany on 129,938t was the major destination for November exports, followed by the United Arab Emirates on 119,530t and France on 118,195t.

The November 2023 figure is well below the 761,772t shipped in November 2022, as part of Australia’s canola-export record set in the year to 30 September 23 of 6 million tonnes (Mt).

According to Lachstock Consulting’s most recent supply-and-demand report for canola released December 21, December exports were forecast at 598,000t.

Lachstock said this would put export pace for the first quarter of the marketing year at 20pc below the 2022-23 figure to reflect the smaller crop.

Lachstock estimates Australia’s current crop at 5.8Mt, while ABARES is sitting on 5.5Mt, both well down on record 2022-23 production seen by ABARES and others at more than 8Mt.

“Area planted to canola in 2024-25 is expected to be lower at this early stage, reflecting lower prices making them less competitive from a gross margin perspective and rotational constraints after three big years of planting,” Lachstock said.

“Area will ultimately be determined by the autumn break, with the longer term rainfall outlook (Feb-Apr) currently neutral to slightly drier.”

Tags: Germany, United Arab Emirates, Australia, export, canola, prices, France