USDA adjusts world, Canadian canola/rapeseed data

Glacier Farm Media | MarketsFarm — The United States Department of Agriculture made a number of revisions to its data for canola/rapeseed in its monthly world oilseed report. On a particular note, the USDA cut its production estimate for Canada, the world’s top producer of the oilseed.

Overall for December, the USDA lowered its projection for global canola production to 86.18 million tonnes from 87.24 million in the November report. The department held its 2023/24 production estimate at 89.89 million tonnes.

During the last few months, the USDA held its projection on Canadian canola production for 2024/25 at 20 million tonnes. Even after Statistics Canada pegged output at 18.98 million tonnes in September, the USDA didn’t budge. However on Dec. 5, StatCan dropped its call to 17.84 million tonnes, which led the USDA to adjust its Canadian numbers.

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For 2024/25 global imports of canola, the USDA reduced them to 16.55 million tonnes from 16.80 million last month. As well, those for 2023/24 were revised to 18.31 million tonnes from 18.40 million. The USDA gave Canada a nominal 100,000 tonnes of canola imports for 2024/25 compared to 276,000 the previous year.

World canola exports for 2024/25 were cut to 16.87 million tonnes from November’s 17.14 million, while the USDA kept 2023/24 exports at 18.01 million. For Canada, the USDA reduced its estimate to 6.75 million tonnes compared to 7.35 million last month.

Total domestic consumption for the current crop year, the USDA lowered it to 88.78 million tonnes from 88.96 million last month. And the USDA trimmed 2023/24 consumption to 89.04 million tonnes from 89.12 million. Canadian consumption for 2024/25 was eased back to 12.69 million tonnes from November’s 12.79 million.

Global ending stocks of canola for 2024/25 dropped to 7.19 million tonnes from the previous report’s 8.05 million. Those for 2023/24 were virtually unchanged at 10.11 million. Canadian ending stocks for the current crop year were reduced to 2.21 million tonnes from November’s 2.71 million.

In the grander scheme, the USDA placed total world oilseed production for 2024/25 at 683.38 million tonnes versus 682.22 million in November. That’s comprised of 427.14 million tonnes soybeans, the 86.18 million of canola, peanuts at 50.52 million with sunflower seeds close behind at 50.51 million. Then it’s cottonseeds at 42.61 million tonnes, palm kernels at 20.62 million and copra at 5.81 million.