World Perspectives
soy-oilseeds

Canola Has Further to Climb

March canola oil closed at a new contract high today of $717.40/MT. IMF data shows global vegetable oil prices moving higher and canola oil likely still has further to climb. Overall rapeseed oil prices are responding to the tightening in global stocks. Global rapeseed oil stocks are 7.6 percent less than their low in 2013, and yet today’s price is still 23 percent below the last peak in 2012. This is not due to offsetting supplies of competing oils since overall global stocks of vegetable oils have tightened. Taking into account the real or inflation adjusted values and there is an even greater disparity between the ending stocks and market values today versus a decade ago. ...

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