Markets

Australia’s Feb canola exports drop 16pc from Jan

Liz Wells April 17, 2023

Canola being planted this week at Collie, NSW. Photo: Mal McKay

AUSTRALIA exported 597,775 tonnes of canola in February, down 16 percent from the 713,188t shipped in January, according to the latest Australian Bureau of Statistics data.

Belgium on 194,967t was the largest destination for February-shipped seed, followed by The Netherlands on 148,128t and Japan on 89,094t.

The February 2023 figure is down slightly from the 608,557t shipped in February 2022, and well below Australia’s record monthly shipment set in March 2023 of 854,950t.

In its latest Canola Supply & Demand Report released April 6, Lachstock Consulting said it expected the national canola area from the crop now being planted to be down on the 2022-23 area.

“We are assuming that the are planted to canola will be down 7-15pc across the board with lower prices, high input costs and the increased chance that we are heading into a drier year all contributing factors,” the report said.

“Canola prices have taken a dive over the last month as ample global supply and falling crude oil prices weigh on global markets.

“High global inflation has impacted demand for oils and lack of any meaningful rebound in China demand has also left markets feeling heavy.

“Global carry out in 2022-23 and 2023-24 is forecast to he historically high which will continue to weigh on the market.

“It will take a production issue in the Northern Hemisphere or here to change the supply and demand fundamentals that are currently pressuring canola prices.”

Despite the softer price outlook, canola planting is advancing at pace across southern Australia following widespread and ideally timed opening rain.

CANOLA Dec Jan Feb Tonnes
Bangladesh 636 105200 15513 121348
Belgium 181437 130736 194967 507140
Canada 0 0 4 4
France 62998 0 41157 104155
Germany 124630 238244 44361 407235
Hungary 0 20 0 20
Japan 1399 73776 89094 164269
Kuwait 0 21 0 21
Malaysia 9535 1662 2867 14064
Mexico 0 47191 32451 79642
Nepal 9940 5495 8392 23828
Netherlands 129449 50482 148128 328059
New Zealand 425 601 1057 2083
Pakistan 116691 0 206 116896
Paraguay 1 0 0 1
Portugal 0 0 19547 19547
South Africa 0 10 31 41
South Korea 203 0 0 203
UAE 65862 59749 0 125611
TOTAL 703205 713188 597775 2014167

Table 1: Australian canola exports for December 2022 and January and February 2023. Source: ABS

 

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