The U.S. Department of Agriculture cut its forecast for rapeseed meal imports to China by 27% due to duties on products from Canada
Source: DairyNews.today
In its April report, the US Department of Agriculture (USDA) revised downward its forecast for rapeseed meal and cake imports to China in the 2024/25 season. The forecast was reduced by 800,000 tons - from 3 million to 2.2 million tons, which corresponds to a 27% reduction, Dairynews.today writes with reference to the review.
Against this background, the forecast for rapeseed meal exports from Canada has also been lowered - by 700,000 tons to 5.4 million tons in the 2024/25 marketing year.
In contrast, rapeseed imports to China are revised upward from 3 million tons to 4 million tons, due to accelerating trade on other fronts, including with alternative suppliers.
“Canadian rapeseed prices have been under pressure in recent months due to the ongoing trade dispute with China, Canada's largest partner for the commodity,” USDA said in a review.
Analysts believe that changes in trade flows amid the tariff conflict may affect the global feed ingredients market, redistributing demand in favor of producers from Australia, Russia and South America..
