Canola demand stable

Published 2020년 4월 24일

Tridge summary

The COVID-19 pandemic has significantly impacted the demand for high oleic canola oil, with a decrease in restaurant demand balanced by an increase in demand from the food processing sector. This shift has relieved farmer Doyle Wiebe's concerns about market stability for high oleic canola oil, especially with processors like Cargill and Corteva Agriscience planning to increase Nexera canola acres. Despite the global pandemic, Groeneveld anticipates that most major grains and oilseeds planting will remain stable, indicating a resilient agricultural sector that continues to operate under challenging conditions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Conventional wisdom would suggest the one agricultural commodity that could be most impacted by COVID-19 is high oleic canola oil. The product made its name in the food sector as a replacement for partially hydrogenated soybean oil in restaurant fryers. The foodservice industry has been decimated by COVID-19. Statistics Canada reports that two-thirds of Canada’s restaurant workforce are out of work. There are a lot fewer people munching on french fries these days. So wouldn’t that result in vastly reduced demand for high oleic canola oil? The answer is yes and no, said Tyler Groeneveld, Corteva Agriscience’s commercial grains and oils leader for North America. “You are seeing less frying oil used and it’s very significant obviously, as only pick-up or drive-through alternatives are available for people right now,” he said. However, the idea that high oleic canola oil is only sold to the foodservice sector is an outdated notion. “In the last years we diversified quite a bit into ...

Source: The Western Producer