Grain markets look to Australia to fill European shortfall

The European import demand for rapeseed in the coming 20/21 season is expected to exceed the record level of last season once again. The import demand from Australia could thus be doubled, as not only the EU's own production is once again in short supply due to drought, but also other countries from which the EU normally imports a lot of rapeseed will have a small harvest (Ukraine). In addition, Canadian oilseed rape is less favored in the EU due to its GMO-content. This European supply shortage had been helping to support canola prices, despite temporarily reduced demand for biodiesel.