Europe poor canola harvest won't compensate gains by Australia and Canada

Canola harvest in Australia is starting in October, and growers have remained positive for this year crop as the rains contributed to a fairly abundant canola seed harvest, especially when compared to previous years, which had been affected by drought.

Canada being one of the major N°1 canola rapeseed producers in the world had also a booming harvest. However, EU output of the oilseed, used in biofuel and cooking oil, likely sank to a 14-year low. Additionally, the EU’s usual supplier, Ukraine, also suffered from bad weather this season.

Adding gains and losses, apparently, Australia and Canada won’t be enough to offset the loss, and global stockpiles could fall to half of what they were two years ago.