Source: Ukragroconsult (Ukraine)
Canadian canola stockpiles are on the rise, and following the initiation of an anti-dumping investigation by China, supply is set to increase even further.
Stockpiles of the product, which is used for cooking oil and animal feed, rose to a four-year high of 3.1 million metric tons by the end of July, according to Statistics Canada data released Monday. The 67 percent year-over-year increase came ahead of this year’s harvest, when farmers are already harvesting the new crop.
China, the world’s largest importer of canola, announced a review of Canadian shipments last week in response to the Trudeau government’s tariffs on Chinese electric cars and aluminum. Canola exports are now at risk as traders await details of the restrictive measures imposed by Beijing.
Canola futures rose 2.9 percent in New York after posting their biggest weekly drop since 2022 last week.