Canada, Australia to Export More Canola to EU, Oil World Says

Canola shipments by Australia and Canada are forecast to climb in 2011-12 on a drop in rapeseed exports by Ukraine and rising import demand by the European Union and China, industry researcher Oil World said.

Canada’s exports of canola are forecast to rise to 7.9 million metric tons in the year through July 2012 from 7.2 million tons a year earlier, Hamburg-based Oil World wrote in an e-mailed report.

EU rapeseed production fell in 2011, boosting import requirements for the 27-nation bloc. The EU imported 2.3 million tons of rapeseed and canola, a variety of the oilseed, from January to October, compared with 1.58 million tons in the year- earlier period, Oil World said.

“Record crops will make it possible to boost exports of Canada and Australia to new highs this season,” Oil World said. In Australia, “harvesting of this year’s bumper crop is now almost complete.”

Australia will ship an estimated 2 million to 2.1 million tons of canola in the crop year through October 2012, from 1.53 million tons a year earlier, according to Oil World. Exports to the EU may jump to 1.8 million tons from 1.41 million tons, it said.

Ukraine’s rapeseed exports were a “multi-year low” of 780,000 tons in July to November 2011 compared with 1.22 million tons a year earlier and 1.4 million tons two years earlier, it said. Ukraine’s crop was smaller and “poor quality,” Oil World said.

To contact the reporter on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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