AUSTRALIA exported 234,271 tonnes of canola in November, with Germany and China its biggest customers for the month, according to the latest export data from the Australian Bureau of Statistics (ABS).
The huge surge in November exports from the October figure mark the start of new-crop exports, with CBH Group’s Esperance terminal loading the first vessel of the season bound for Germany.
Strong prices throughout the growing season encouraged a high degree of forward selling from growers, which enabled exporters to write forward and spot sales into the buoyant global oilseed complex.
December figures are expected to be even bigger, with New South Wales now shipping its first export surplus since 2017 following a stellar season for canola to follow three years of drought.
Bulk shipments also got under way in earnest in South Australia and Victoria last month.
Table 1: Australia’s September, October and November 2020 canola exports. Source: ABS