Australia exports 676,739t canola in May

Australia exported 676,739 tonnes of canola in May, up 4 percent from the 647,700t shipped in April, according to the latest data from the Australian Bureau of Statistics.

This compares with 503,754t shipped in May 2023 as part of the record 2022-23 program ending September 30 which saw Australia export 6 million tonnes, front-ended into the first half of the year.

In May 2024, Pakistan on 181,293t has made a surprise appearance as the biggest market for Australia’s shipments for the month, followed by Japan on 132,795t and Belgium on 122,478t.

Improved crop conditions in Canada will increase the competition Australia’s new-crop canola faces, while conditions are mixed for crops in Europe.

“Conditions in Ukraine are a watch point, as their spring has been dry with a number of frost events, but production will still be above the historical average,” Lachstock Consulting said in its June canola report.

“The balance sheet will start to be squeezed, but it will not be for a while yet, and we will likely see some downside once the EU-Ukraine harvest kicks off over the next month.”

Tags: Australia, export, canola, Pakistan, Belgium, Japan