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Global canola/rapeseed production for 2023-24 is projected at 87.4 million tonnes, slightly below 2022-23. Global crush is forecast at 81.1 million tonnes, and Canada expects crush to rise about 50% by 2024 or 2025 as new plants are built.
Demand for renewable diesel, driven by government requirements, is the main force behind the expansion.
Rising crush capacity increases meal output, which is bearish for canola meal, while stronger demand for canola oil from biofuels supports vegetable oil prices.
world-grain.comSusan ReidyAug 9, 2023Not enough comparable past events yet for a historical read.
After 842 past bullish policy events, SBO moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
