Overview of Australian Rapeseed Production and Exports in MY 2022/2023
Reading time: 7 minutes
Free Report
Australian Rapeseed Production in MY 2022/2023 Will Be 0.9 Mmt Lower YoY
Australia’s Rapeseed harvested area increased by 0.6 Mha in MY 2021/2022, and yields improved by 0.25 mt/ha, leading production to reach 6,4 Mmt, 1.9 Mmt higher YoY. Meanwhile, Rapeseed Oil production reached 371 kmt in the same year. The majority of Australian Rapeseed is genetically modified, called Canola. Australian Canola production is mainly in Western Australia, where weather conditions won’t be favourable for agricultural production in 2023. Thus, in MY 2022/2023, the USDA estimates that Rapeseed production will decrease to 5.4 Mmt, 0.9 Mmt lower YoY, due to yields decreasing by 0.5 mt/ha YoY.
Figure 1: Australia’s Rapeseed Production MY 2019/2020 – 2022/2023
Track Rapeseed Production from Australia and Up to 50 Other Origins Since 2017
Free & Unlimited Access In Time
Australia’s Rapeseed Exports Doubled YoY in MY 2021/2022
Australia’s Rapeseed exports reached 6,7 Mmt in MY 2021/2022, a 3.3 Mmt increase YoY, due partially to a 1.9 Mmt increase in production YoY. The major exports in 2022 were in March and November when exports reached 1.1 Mmt and 1.3 Mmt, 0.56 Mmt and 0.6 Mmt higher YoY, respectively. At the beginning of MY 2022/2023, exports reached 0.99 Mmt, 0.57 Mmt higher YoY in December 2022. Similarly, in January 2023, Rapeseed exports reached 0.7 Mmt, a 0.3 Mmt increase YoY. Which importing markets are the main destination for Australian Rapeseed?
Figure 2: Australia’s Rapeseed Exports (MY 2020/2021 – Dec 2022 to Jan 2023)
Track Australia’s and Up to 27 Other Origins Monthly Rapeseed Exports Since 2017
Free & Unlimited Access In Time
Japan and China Led Australian Rapeseed Exports in MY 2021/2022
The main destinations for Australian Rapeseed in MY 2021/2022 were Japan with 1.1 Mmt, China with 1 Mmt and the Netherlands with 0.7 Mmt. However, in Jan-Dec MY 2022/2023, Belgium increased imports of Australian Rapeseed by 0.3 Mmt YoY, reaching 0.33 Mmt and ranking as the leading destination, followed by Egypt, which has reached 0.25 Mmt. Japan and China were not among the top 7 destinations in Jan-Dec, but they increased their imports by 40 kmt and 110 kmt YoY, respectively. Nevertheless, since Canadian Canola production recovered in MY 2022/2023, China increased imports from Canada by 0.81 Mmt YoY. Thus, How do Australian Rapeseed FOB prices compare with Canada’s?
Figure 3: Australia’s 10 Top Rapeseed Destinations MY 2021/2022
Track Australia’s Rapeseed Exports to Up to 36 Destinations Since 2017
Free & Unlimited Access In Time
Australian Rapeseed FOB Prices Remain Lower Than Canada’s in Jan 2023
Australia is the world leading exporter of Rapeseed, followed by Canada. At the beginning of 2022, FOB prices increased for both countries, with Australians peaking at USD 867 /mt in April and Canadian prices at USD 1265 / mt in May. Australian Rapeseed FOB prices are lower than Canada’s, with the largest difference being in May 2022, when Australian Rapeseed FOB prices were USD 462 / mt lower than Canadian prices. Later FOB prices fell for both countries, Yet, Canadian FOB prices remained higher than Australia’s. In January 2023, Australian prices decreased to USD 508 /mt, USD 84 /mt lower YoY, and USD 172 / mt lower than Canada’s on average. With production decreasing in MY 2022/2023, would Canadian prices be more competitive with Australian prices?
Figure 4: Australia and Canada Rapeseed FOB Prices (Jan 2022-Jan 2023)
Access +1 k Rapeseed Monthly FOB prices
Free & Unlimited Access In Time
In a Nutshell
The USDA estimates that Australian Rapeseed production will decrease by 0.9 Mmt in MY 2022/2023. However, exports increased by 0.87 Mmt YoY in Dec-Jan MY 2022/2023.
Australia’s Rapeseed production is primarily destined for the export market. China and Japan were the leading destinations in MY 2021/2022. However, Belgium led the export market for Dec-Jan of MY 2022/2023.
Australian Rapeseed FOB prices are lower than Canada’s. However, at the beginning of MY 2022/2023, The difference between both countries’ prices is decreasing. Thus, will Canada increase its competitiveness in 2023 in terms of Rapeseed FOB prices?
