The AOF reports the canola harvest as being a record 2.946 million tonnes, exceeding the prior record set in 1999 by over half a million tonnes.

With prices between $450-$490/tonne delivered to east coast ports, the year is also set to become a record in value terms.

“We have seen a significant and unexpected lift in yields across the country, which has led us to revise our estimates upwards by around 300,000 tonnes” says Nick Goddard of the AOF.

“The cooler conditions experienced through much of the growing districts following flowering, together with a good moisture profile, set up ideal conditions for oil development in the seed in the lead up to harvest” he said. The near ideal conditions have also seen very good oil levels being recorded, with 44% being reported as a fair average across the country (versus a traditional average of 42%). In a number of cases in both east and west of the country, oil levels of 49% and even higher have been reported.

“Not only has Australia experienced a bumper crop in all respects this season, but prices have remained firm, delivering a double bonus to growers” says Nick Goddard. The unrelenting demand for biodiesel, particularly from the EU, for oil and meal from China, together with weather concerns for the soybean crop in South America have all combined to provide a firm floor to oilseed prices throughout the year. This is despite a general softening in commodity prices.