Ukraine may increase rapeseed exports due to the minimum harvest in Canada in 13 years

Canada's lowest canola crop in 13 years, caused by a severe drought, is forcing importers such as Japan and Mexico to pay more or look elsewhere for the yellow-flowering oilseed. Writes about it Reuters. It notes that as Canadian canola is sold at high prices, buyers at the world's largest oilseed exporter are increasingly leaning towards less productive countries or alternative vegetable oils such as palm and soybean, fueling global food inflation. Stephen Nicholson, senior grains and oilseeds analyst at investment bank Rabobank, noted that Australia and Ukraine, which have harvested more crops this year, could benefit from the Canadian crop failure by gaining new sales. Canada exported 388,000 tonnes of canola in the first seven weeks of the new crop since August 1, according to the Canadian Grain Commission, down 71% from last year. According to Agriculture and Food Canada, Canadian canola exports in the crop year ending July 31, 2022 are likely to decline 38% to 6.5 million ...