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South Australian canola prices are tracking European rapeseed, which has fallen over the past nine months. European rapeseed output is up about 15 percent on a larger planted area, and Ukrainian rapeseed is entering the EU cheaply by road.
Germany also plans to cut crop-based biofuel use in 2023 and phase out food-based biofuels by 2030.
Larger EU supply and weaker German biofuel demand push rapeseed and canola prices lower, and Australian canola exports to Europe are rising to fill the gap. Lower canola values feed through to canola meal pricing for feed buyers.
stockjournal.com.auEd Scamps, Cloudbreak Grain MarketingFeb 10, 2023Not enough comparable past events yet for a historical read.
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.
