Increasing canola supplies from Canada to China will exacerbate the decline in canola oil prices

According to China News, in November, large shipments of Canadian canola began to enter China's processing plants, which sharply increased the supply of canola oil and lowered the demand price. As a result of increased imports of rapeseed to China in October, its stocks as of November 17 increased to 421,000 tons, which is 368% higher than on November 3. The import of rapeseed oil to the country in October increased compared to September by 64.08% to 233 thousand tons, which is the second largest indicator of monthly imports this year, then the largest deliveries were recorded in April. As a result, rapeseed oil stocks increased by 5.64% to 395.1 thousand tons in the last week. As of November 24, the average price of third-grade imported rapeseed oil was RMB 8,794/t or $1,230/t, down 2.25% from October. There is an oversupply of rapeseed oil on the domestic market, which continues to lower prices for imported rapeseed oil against the background of negative trends in the world ...