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The following GAIN reports were released on April 8, 2024. _______
Australia: Oilseeds and Products AnnualAustralian oilseed production, dominated by canola, is expected to be strong for the fourth successive season during the marketing year (MY) 2024/25. If realized, canola production of 6.5 million metric tons (MMT) would be 14 percent above the previous year’s estimate and the third largest on record. The growth is mainly due to canola’s more favorable price expectations than wheat and barley. Canola exports are forecast to rise by 16 percent to 5.1 MMT, after a small growth in the forecast crush volume at 1.2 MMT. Canola oil exports are forecast to grow by 21 percent to 230,000 metric tons (MT) in MY 2024/25 and would be the highest on record. Olive oil production is forecast to rise to 25,000 MT, mainly because of a natural biennial effect on yield. Cottonseed production is forecast to achieve a fourth successive high level of production and rise by 10 percent to 1.38 MMT in MY 2024/25. Cottonseed exports are forecast to increase by nine percent to 600,000 MT. European Union: Oilseeds and Products AnnualMY 2024/25 European Union oilseed production is forecast to decline by about one percent over the previous year with good yields. This forecast is based on the assumption of average growing conditions, lower, more average yields, but increased area which cannot make up for the lower yields. Feed use of oilseed meals is forecast down despite higher demand from the animal sector, which is projected to be met by more competitive feed grains. Food use of vegetable oils is forecast to grow whereas biofuels use is declining. The new EU Deforestation Regulation will likely impact soybean and products and palm oil markets, but it is unclear how it will impact the overall dynamics of the oilseeds market. The Russian invasion of Ukraine still brings further uncertainties. |
