Rising Malaysian palm oil prices gave canola prices a lift during the week ended Oct. 30, 2024.
A flood of cheap imported feedstocks like used cooking oil from China is undermining growth in the U.S. biofuel market for crops like canola and soybeans
A few factors have lined up to improve the outlook for canola
Output likely below StatCan estimate but StatCan and USDA remain stubbornly optimistic
January contracts climbs $36/tonne
Chinese stimulus boosted markets but now they’re out of gas
Canola prices find their footing again after hitting low point
Regardless of outcome, China’s dumping probe will damage Canadian canola growers
So far the market seems to be ignoring a labour dispute at ports