Canola Rises to Near 9-Month High
Canola futures rose above CAD 670 per metric tonne, the highest since July 2024, as tightening supplies compounded with robust global demand for vegetable oils.
Despite China’s 100% tariffs on Canadian canola meal and oil, seed exports have remained steady to the U.S.—Canada’s top buyer—and have expanded into the EU, where a domestic rapeseed deficit has opened up new demand.
By early April, crop-year canola exports had reached 7.18 million tonnes, nearly on pace to surpass AAFC’s 7.5 million-tonne forecast. Simultaneously, the USDA raised its U.S. soybean oil export estimate by 500 million pounds to a five-year high of 2.3 billion pounds, while palm oil exports have stagnated at 44.2 million tonnes—prompting buyers to turn increasingly to canola as an alternative.
Meanwhile, speculative traders have unwound more than 36,000 short positions amid tightening fundamentals, and expectations of acreage reductions in the U.S. are adding further pressure to future supply prospects.
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