A growing global need for canola due to poor crops in the EU and China this year is expected to lead to increased exports from both Australia and Canada. The oilseed analyst Oil World expects that canola exports by the two counties will rise to new highs in the 11/12 MY. Oil World is currently forecasting Australian canola exports at 1.88 mmt vs. 1.5 mmt last year, and Canadian canola exports at 13.8 mmt vs. 12.77 mmt last year. Germany is forecasted to be the largest importer of canola this year due to a poor domestic crop. Poland, Italy, the Netherlands, Belgium, and Portugal are also likely to become net importers of the oilseed this year.
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