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AUS – SMALL CANOLA CROP OPENS IMPORT POTENTIAL
Reduced canola crop prediction may see oil seed imports
5 October 2006. Source: www.abc.net.au/rural/news/content/2006/s1756242.htm
A forecast of the smallest canola crop in more than a decade has prompted speculation that local crushers will import oil seed from Canada.
Grain analyst Malcolm Bartholomaeus says there is likely to be a shortfall between Australian production and customer demand.
He says with canola $90 a tonne cheaper in Canada, crushers might look there to fill the gap.
“One of the considerations is plant utilisation, so importing the canola would be attractive from that perspective,” he said.
“Also what's the value of the oil coming out and canola oil is reasonably highly priced at the moment, particularly with the underlying biodiesel demand - then you look at the demand and the price that might be achieved for the meal and at the moment there's certainly going to be domestic outlets for canola meal in Australia with the current feed situation out of this drought.”
The ABC has contacted Australia's largest canola crusher, Cargill, but no-one has been available for comment
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