Australia: Oilseeds and Products Annual

Australian oilseed production, dominated by canola, is expected to be strong again in marketing year (MY) 2022/23, after big crops in MY 2021/22. Canola production is forecast in MY 2022/23 at 4.7 million metric tons (MMT), down from the record-busting crop estimated at 6.35 MMT in MY 2021/22, but if realized would still be the second largest crop in history. Canola yields are expected to decline in the forecast year after setting a record in the previous year, in part due to the high price and tight supply of fertilizers. Canola exports are forecast at 3.6 MMT in MY 2022/23, down from the previous year but still among the highest historical export levels. Olive and olive oil production is forecast to increase in MY 2022/23, mainly as a result of a natural biennial affect in yield after a low previous crop. Cottonseed production and exports are forecast to rise to near records in MY 2022/23 after further improvement in irrigation water reserves.