- U.S. pricing falls back below a dollar: Nominal RBD canola oil pricing in the Midwest as of mid-July was down about 15 percent from the month-ago level and down about 6 percent year over year.
- U.S. refined canola oil disappearance in May was lowest since December 2015: With the limited and expensive supply of refined canola oil this year, it’s no surprise that volumes removed from stocks for processing are down significantly.
- Canada’s May oil production lowest since February 2015: Canadian crush and oil production in May were down 16 percent from April. Canadian farmers are reporting fewer canola acres for 2022 vs. 2021, with planted area down almost 5 percent YOY.
- Canadian canola oil pricing: The average May crude canola oil export value was CAN$1,635 per MT, or around US$0.577 per pound, a nice 14-cent drop from April. Refined oil pricing had yet to weaken, though, with export value in May at around CAN$2,656 per MT, or US$0.938 per pound, up 6 cents from the April average and up 40 percent YOY.
Read more about recent market factors in Soybean & Canola Oils Monthly Update located on IQ.
IQ subscribers, log in to read more.
Leave A Comment