Australia: Oilseeds and Products Annual

Australian oilseed production, dominated by canola, is expected to be strong again in marketing year (MY) 2023/24, but down from the record in MY 2022/23. Canola production is forecast in MY 2023/24 at 5.5 million metric tons (MMT), the third largest from the record-busting crop estimated at 8.3 MMT in MY 2022/23. Canola planted area and yields are expected to decline in the forecast year after setting a record in the previous year partly due to expectations of lower prices and drier seasonal conditions. Canola oil exports are forecast at 240,000 MT in MY 2023/24, a decline from the MY 2022/23 estimate, but if realized is still the second highest on record. Olive and olive oil production are forecast to decline in MY 2023/24, mainly as a result of a natural biennial effect on yield after a high previous crop. Cottonseed production is forecast to rise to the third largest on record with strong exports and crushing volume is expected to increase for the first time in five years.