Canola oil is still the main priority for the sector, but canola meal is increasingly the subject of research looking for new markets and uses for the oilseed’s byproduct.
The U.S. Department of Agriculture lowered its U.S. corn supply forecast in a monthly supply-and-demand report on Friday and raised its outlook for U.S. exports of the grain this season to a record high following a strong pace of overseas shipments.
The outlook for canola futures on the Intercontinental Exchange appears to be on a downward slide, said Bill Craddock, a Manitoba-based trader and farmer.