Australia: Oilseeds and Products Annual

Australian oilseed production, dominated by canola, is expected to be strong for the fourth successive season during the marketing year (MY) 2024/25. If realized, canola production of 6.5 million metric tons (MMT) would be 14 percent above the previous year’s estimate and the third largest on record. The growth is mainly due to canola’s more favorable price expectations than wheat and barley. Canola exports are forecast to rise by 16 percent to 5.1 MMT, after a small growth in the forecast crush volume at 1.2 MMT. Canola oil exports are forecast to grow by 21 percent to 230,000 metric tons (MT) in MY 2024/25 and would be the highest on record. Olive oil production is forecast to rise to 25,000 MT, mainly because of a natural biennial effect on yield. Cottonseed production is forecast to achieve a fourth successive high level of production and rise by 10 percent to 1.38 MMT in MY 2024/25. Cottonseed exports are forecast to increase by nine percent to 600,000 MT.