World rapeseed and canola trade is forecast to climb 16 percent to a record on increased imports by China and the European Union, Oil World said.
Imports and exports will climb to 12.4 million metric tons in the year through June from about 10.7 million tons in 2010-11, the Hamburg-based researcher oilseed researcher said today in an e-mailed report.
Canada is the world’s biggest shipper of canola, a variety of rapeseed, and the country’s exports of the oilseed are forecast to jump to 8.6 million tons from 7.1 million tons after production increased, according to Oil World.
“Canadian canola stocks will probably be depleted to a multi-year low,” Oil World wrote. “Some demand rationing will be inevitable in May to July 2012, the last quarter of the Canadian canola crop year.”
China’s purchases of rapeseed and canola are forecast to double to 2.23 million tons from 1.1 million tons, the report shows. EU imports are forecast to climb to 3.18 million tons from 2.7 million tons.
World rapeseed and canola production is forecast to slip to 59.4 million tons in 2011-12 from 60.7 million tons a year earlier, with output dropping in the EU, India and China and rising in Canada, Australia and Russia, according to Oil World.
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