Australia's Canola Prices Find Support, Despite Record Domestic Production

Despite higher global and domestic production, Australia's canola prices are finding support. Australia's canola/rapeseed crop is estimated to be an enormous 6.4 million mt, 40% higher than last year. Global production is expected to bounce back to 76 million mt in 2022/23, from 71 million mt in 2021/22. However, prices are still finding support, as demand for oil and oilseeds have been strong. As economies recover post Covid-19, and more people are dining out, demand for cooking oil is increasing.