CropGPT - Canola - Week 41

CropGPT - Podcast for Soft Commodities

Global Canola Market Weekly Summary: Key Highlights for October 13, 2024

• Ukraine (Rapeseed Cultivation): Ukraine is progressing towards its 2025 winter crop targets, with approximately 986.4 thousand hectares of rapeseed sown across nine regions. The country is working toward a 3.8 million hectare goal, with Ternopil leading at 165.8 thousand hectares, fulfilling 84.2% of its target. Other regions like Poltava and Cherkasy are also contributing significantly to Ukraine’s growing importance in the global canola market.
• United States (Canola Expansion): The U.S. is expanding its canola cultivation by 21%, targeting approximately 1.066 million hectares for the 2024-2025 season. This expansion is expected to yield a record 2.1 million tons, with North Dakota leading the charge, followed by Montana and Washington. The growth is driven by increased demand for canola oil in biofuels and meal in dairy feed, spurred by federal biofuel mandates and California’s low-carbon fuel standards.
• Canada (Canola Production and Consumption): Canada’s Ministry of Agriculture has revised its 2024/25 canola production forecast to 19 million tons, close to the previous year's 19.2 million tons. Domestic consumption is projected to increase from 11.5 million to 12.2 million tons. However, despite the growth in production and consumption, the expected ending stocks have been revised down to 2.5 million tons, indicating the need for cautious management of supply.

For more detailed reports on the Canola market, including crop health data, 20 years of weather data, pricing, and earnings analysis, visit the CropGPT website.