The increase in global rapeseed exports by 40% in April-May led to an increase in prices

According to Oil World, in April - May of this year, the global export of rapeseed and canola increased by 40% to 2.92 million tons compared to the same period in 2023, in particular from Canada - from 1.24 to 1.39 million tons, Australia - from 0.85 to 1.32 million tons and Ukraine - from 29 to 206 thousand tons.

At the same time, China increased its import of rapeseed from 0.91 to 1.07 million tons, and EU countries - from 0.23 to 0.87 million tons.

In general, in 2023/24 FY, world rapeseed exports amounted to 15.41 million tons, while in July - May 2022/23 FY, it reached 16.57 million tons. At the same time, exports from Canada decreased from 7.37 to 5.96 million tons , but grew from Australia from 5.35 to 5.67 million tons and from Ukraine - from 3.42 to 3.66 million tons.

In the current season, China reduced rapeseed imports compared to the previous season from 4.17 to 4.07 million tons, the EU - from 6.59 to 5.81 million tons, Mexico - from 1.22 to 1.14 million tons, then as Japan increased imports from 1.68 to 1.97 million tons.

Yesterday, August rape futures stopped falling at the level of 476.5 €/t or 572 $/t (+1.4% for the month), losing the growth of the previous week. But forecasts of a reduction in the harvest in Ukraine and in the east of the EU as a result of intense heat will soon restore speculative price growth.

On the Winnipeg exchange, November canola futures fell 5.8% to CAD 622/t, or $456/t, since Monday, in line with two weeks ago but down 4.2% from last month. This is facilitated by favorable weather conditions for crops and harvest forecasts at the level of 20 million tons, which will exceed last year's 19.5 million tons.