Australian Canola Latest

This year's Australian canola crop will be the largest since 1999/2000 at 2.215 MMT, according to the Australian Oilseeds Federation. Good rains in Victoria, NSW and South Australia are behind the increase, along with higher plantings in Victoria and NSW, they say.

West Australian canola production is forecast down to 1.03 MMT from 1.18 MMT last month on lingering dryness, they add.

Output in Victoria is forecast at 415,000 MT, NSW 480,000 MT and Southern Australia at 290,000 MT.

"Victoria had a very strong start to the season, following the summer rain and the continued lower wheat prices have driven a further increase in the area," they said.

Their forecast is more than 250,000 MT higher than ABARE's current estimate of 1.96 MMT.