Global rapeseed supplies higher than previous years

The International Grains Council (IGC) said that world rapeseed production will likely exceed the previous year's level by 15%.
For the 2022/23 marketing year, the IGC sees consumption and international trade volume at a record level. Global rapeseed stocks are seen to be rising considerably at the same time.
The IGC projects a convenient global rapeseed supply of 84.4 million tonnes for the 2022/23 marketing year.
For Australia, the council lowered its forecast marginally by 0.1 million tonnes due to the floods. Nevertheless, this translates to an expected increase of 15% on the previous marketing year.
Increased production in Canada, projected at 19.1 million tonnes (+5.3 million tonnes on the previous year), the EU, at 19.6 million tonnes (+2.2 million tonnes), and Russia, at 4.9 million tonnes (+1.9 million tonnes), can more than offset the declines in Australia, to an estimated 6.5 million tonnes (-0.3 million tonnes), and India, to 10.3 million tonnes (-0.2 million tonnes).
Based on the abundant availability, global consumption in 2022/23 will likely amount to around 83 million tonnes, which would be an 11.2% rise year-on-year. Consumption within the EU is estimated at 24.7 million tonnes (+2.3 million tonnes).
The IGC forecasts ending stocks at 5.5 million tonnes, which is up 1.4 million tonnes or 34 per cent on the previous year's volume.
Due to the abundant export opportunities and high price level, international trade in rapeseed will probably reach 18.4 million tonnes in 2022/23, exceeding the previous year's volume by 3.8 million tonnes.
China, Japan and Pakistan are seen to remain major destinations. Imports to the EU are expected decrease on the previous year because of the large EU harvest. Ukrainian exports are currently seen at 2.8 million tonnes, exceeding the previous year's level by 0.1 million tonnes despite the continuing conflict. Canadian exports are set to rise considerably compared to the previous year due to the larger harvest.