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NEW DELHI, Nov 9 (Commoditiescontrol) : The US Department of Agriculture (USDA) said in its report on Thursday that Canada exported 3 million tonnes of rapeseed oil in MY 2022/23 (Aug-Jul) with a record volume of 2.6 million tonnes to the United States.
After the December 2022 decision by the U.S. Environmental Protection Agency to approve rapeseed oil for the Renewable Fuel Standard program, rapeseed oil used for industrial purposes more than doubled in 2022/23.
Despite the record amount of rapeseed oil sent to the United States, overall Canada exports were lower than past years.
The most notable drop for Canada rapeseed oil exports was to China, which fell from 35 percent market share in 2020/21 to just 5 percent in 2022/23 owing to strong U.S. demand for biodiesel feedstock. China has largely replaced Canada rapeseed oil with supplies sourced from Russia and Belarus since 2021/22.
In 2023/24, the United States is expected to break records again with 3 million tonnes of rapeseed oil imports as industrial consumption, driven by renewable diesel demand, is expected to continue to grow.
Canada is projected to increase exports of rapeseed oil to 3.2 million tonnes. With rising rapeseed oil exports, domestic consumption is forecast to decline slightly with soybean oil consumption offsetting.
In 2023/24, Canada is projected to import a record 150,000 tonnes of soybean oil, primarily from Argentina.
(By Commoditiescontrol Bureau)
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