After diverging from palm oil last fall, canola oil is once again tracking close to its lower-priced cousin, says one provincial crops market analysts.
“There are times like last fall when canola seed had relative price strength, but overall, the price correlation has been high during the past year,” Neil Blue said in a recent Agri-News post.
A chart accompanying the article shows canola prices rose in September even as the price of palm oil fell. The gap closed a couple of months later, then re-emerged briefly (albeit more modestly) before closing again. The article noted a fall in canola prices in March coincided with similar drops for palm, soybean and other vegetable oils.
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Canola oil is healthier but “in a competitive world market, lower price can outweigh other characteristics of a product,” said Blue.
