Demand from China has been the headline factor in the price rise for canola (and a lot of other commodities) but the oilseed is also benefiting from a diversified export base, says provincial market analyst Neil Blue.
While China has greatly ramped up its purchases and long-term buyer Japan sits in the No. 2 spot, France, the United Arab Emirates and Mexico had each imported over half a million tonnes of canola as of the end of November, Blue said.
The Netherlands, Pakistan, Belgium, the U.S. and Germany have also been major buyers, he said.
The recent late-winter rally is a rare event and since no one can predict the top, Blue says “metering crop sales into a rising market is considered the best approach.”
