# ABARES: Australian Canola Production Could Drop 41% Due to Dry Conditions

> ABARES forecasts Australian canola production will fall 41% in 2023-24 to 4.9 million tonnes, from 8.6 million tonnes. Canola plantings are expected to drop 11% because of dry conditions. Australian canola exports are estimated at 4 to 4.7 million tonnes, down from 6.7 million tonnes.

- Date: 2023-07-28 · published 2023-07-28T12:00:00.000Z
- Category: weather · region Australia · magnitude high
- Page: https://feedsoft.ai/events/35017-abares-australian-canola-production-could-drop-41-due-to-dry-conditions
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Australia is a major canola exporter, so a 41% drop in output would tighten global vegetable oil and meal supplies. This would support canola meal and soybean oil prices, especially in the EU.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2021-07-22 | [Canola conniptions …. - Grain Brokers Australia](https://feedsoft.ai/events/46178-canola-conniptions-grain-brokers-australia.md) | +0.7% | -3.5% |
| SBO | 2020-09-30 | [Europe poor canola harvest won't compensate gains by Australia and Canada](https://feedsoft.ai/events/51211-europe-poor-canola-harvest-won-t-compensate-gains-by-australia-and-canada.md) | +1.3% | +3.8% |
| SBO | 2023-07-04 | [Drought slashes 2022/2023 soybean production by 51.5% \| Buenos Aires Times](https://feedsoft.ai/events/13960-drought-slashes-2022-2023-soybean-production-by-51-5-buenos-aires-times.md) | +0.5% | -1.8% |
| SBO | 2024-04-06 | [W13 Sunflower Update: Argentina's 2023/24 Sunflower Crop Projections Drop Amidst Crop Condition Concerns,  Sunflower Prices Surged in Ukraine](https://feedsoft.ai/events/30844-w13-sunflower-update-argentina-s-2023-24-sunflower-crop-projections-drop-amidst.md) | -2.0% | -9.3% |
| SBO | 2023-06-19 | [Rapeseed prices rose 9.2% for the week amid drought in the US and Canada and forecasts of a reduced crop in Australia](https://feedsoft.ai/events/35593-rapeseed-prices-rose-9-2-for-the-week-amid-drought-in-the-us-and-canada-and.md) | +3.4% | +9.8% |

## Sources

- mintecglobal.com: https://www.mintecglobal.com/top-stories/abares-says-australian-canola-production-could-plunge-41-y-o-y-due-to-dry-conditions

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.