Global Rapeseed Oil Market Dynamics: Production Stable, Supply Tightens, U.S. Imports Surge

Rapeseed Oil

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According to the latest USDA reports, Rapeseed oil production remains relatively stable compared to the previous year, with Canada's production expansion compensating for anticipated declines in Ukraine. The global supply of rapeseed oil is projected to tighten further due to reduced stocks driven by increased industrial and food demand. The rapeseed oil trade is declining, primarily due to decreased imports by China, although higher imports by the U.S. partially offset this decrease. Industrial consumption in the U.S. is expected to rise by 2%, while global food usage of rapeseed oil is forecasted to increase by 3%. In the 2024/25 period, U.S. rapeseed oil imports are anticipated to reach record levels, spurred by a 15% increase in industrial usage. Moreover, rapeseed crush is predicted to hit a new high to meet the growing demand from the renewable diesel industry.