Canada has increased exports of canola oil since the beginning of July
In September, Canada sold 293 thousand tons of canola (rapeseed) oil to foreign markets, the highest volume in the last six months. This estimate was published by analysts of OilWorld (Germany). They note that the current export figure is 60% higher than the level of shipments for the same month last year.
In addition, experts record an increase in sales of Canadian canola oil by 39% in the period from July to September this year – up to 0.83 million tons. According to analysts, the growth of exports is largely due to the strong demand from the US.
“Over the past year, processed products in North America have been trading at a significant premium to prices on the world market, reflecting a shortage of products and encouraging the United States to import,” experts say.
Thus, the US share in the total exports of canola oil from Canada in July-September increased to 95%, and in general, in 2022/23 MY (October 2022-September 2023) – to 88% compared to 75% in 2021/22 MY.
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