UFOP Predicts Strong Canadian Rapeseed Exports Despite Slightly Lower Harvest

The 2024 Canadian rapeseed (canola) harvest is anticipated to be only slightly lower than last year, with an expected output of 19 million tons, down by just 1%, according to recent data from the International Grains Council (IGC). In September, the USDA had projected a 20-million-ton harvest. The Union for the Promotion of Oil and Protein Plants (UFOP) reports that an increase in both domestic consumption and export demand is likely to significantly reduce Canada’s closing stocks.

Global Supply Tightens as Canadian and EU Demand Grows

Canada and the EU are among the world’s leading rapeseed producers, each generating around 20 million tons annually. This season, the EU is expected to ramp up imports, partly due to smaller harvests domestically and in other key exporting countries such as Ukraine and Australia. The increase in demand aligns with Canada’s slight growth in domestic consumption, projected at 11.9 million tons, resulting in a 7.1-million-ton surplus of oilseeds.

Export Surge Predicted for Canadian Rapeseed

According to Agrarmarkt Informations-Gesellschaft (mbH), Canada is expected to export nearly 30% more rapeseed this season, with shipments reaching 8.7 million tons, up from last year. The increase is largely due to a tighter global supply, with reduced export volumes expected from both Ukraine and Australia. Although Canadian rapeseed is partially restricted in the EU market due to GMO content, it remains a critical raw material for the EU’s biofuel sector.





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