Canada Markets

As seen on the attached chart, European Union imports of rapeseed/canola are reported at 3.1 million metric tons (mmt) as of Dec. 6 or week 23 of the EU crop year (green bar). From weekly data reported, this is up 903,111 metric tons (mt) or 41% from the same period in 2021-22, while at a time when the EU is forecasting imports for the crop year to fall by 1.1 mmt or 19.6% year-over-year (yellow bar). According to the USDA's November Oilseeds: World Markets and Trade report, imports will fall only slightly from the previous crop year to 5.3 mmt.

To-date, Ukraine imports have dominated movement, supplying 2.118 mmt or 68.2% of the total volume imported. The USDA's Foreign Agriculture Service online tables have forecast Ukraine's potential exports in all directions at 2.8 mmt for 2022-23, which will soon open the door for Canada and Australia to compete for the remaining needs over the balance of the crop year.

While Canada has been absent from supplying significant volumes so far this crop year, it is interesting to note that weekly data shows 29,002 mt of imports of Canadian grain, while Canada's share of the EU's imports ticked higher to 4.4% of total EU imports, the highest percentage seen in 15 weeks.

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