Canola futures were above CAD 630 per pound, rebounding from a one-month low of CAD 607.5 observed on April 18th, influenced by soybean's recovery and various demand pressures. While canola exports have dropped by 32% compared to last year due to competition from Australian exports, domestic utilization by crushers is potentially reaching record highs. This increase is supported by the expansion of Canada's oilseed crushing industry and ongoing construction of additional capacity, resulting in a 6% rise in domestic consumption via crushing compared to last year. Moreover, robust usage of canola oil in biofuels, with a record consumption of 376 million pounds in January according to the EIA report, is further bolstering prices.
Canola decreased 30.31 CAD/MT or 4.67% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Canola reached an all time high of 1226 in May of 2022. Canola - data, forecasts, historical chart - was last updated on April 26 of 2024.
Canola decreased 30.31 CAD/MT or 4.67% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Canola is expected to trade at 612.33 CAD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 578.64 in 12 months time.