Edible Oil Rush Saves Canola From Trade Distress in ‘Crazy Year’
- Canada’s ‘harvest from hell,’ China trade woes roiled canola
- Rally from September lows may extend into 2020, analyst says
A canola field Orangeville, Ontario, Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
The canola market in Canada, rattled by trade woes with China, is rebounding in tandem with a bullish jolt in global vegetable-oil demand.
Canola futures have rallied from September lows, and the market probably will be firm until at least the North American spring, Ken Ball, a senior commodity futures adviser at PI Financial in Winnipeg, Manitoba, said in a telephone interview. The veg-oil surge means canola “crushers are going strong and with margins like this, if they could be open 28 hours a day, they would be,” he said.