A good canola harvest in Australia and a number of other countries around the world, along with an increase in the sunflower crop, will offset the decline in the canola crop in Canada, the U.S. Department of Agriculture forecasts.
In general, the 2021 global canola crop totaled 68.35 million tons. In November, USDA forecast less than 67 million tons, but now revised its estimate due to large harvests in Australia, the European Union, India and Russia.
For example, a new record crop of rapeseed is forecast in Australia – 5.5 million tons, and its exports in the 2021-2022 marketing year will be 4.6 million tons. At the same time, exports of canola from Canada will be 5.3 million tons, compared to 10.5 million tons in the 2020-2021 marketing year.
According to the forecast of the U.S. Department of Agriculture, the global production of sunflower oil will reach 22 million tons in the marketing year 2021-2022, which is 2.9 million tons more than in the marketing year 2020-2021. The main directions of its supply will be China, the European Union and Turkey.