The canola market has been searching for a bottom recently and has felt the impacts of record short positions by traders in canola futures. The last time short positions in the canola market were very high was in April. Futures prices have recovered from lows in late October, while lower crude oil prices have held back gains in vegetable oil markets. Potential bullish news in palm oil came out recently, noting that palm oil output growth will slow next year due to El Niño. Meanwhile, global edible oil demand will continue to grow by over 5 million metric tons (MMT) as the use of palm oil in biofuels will reach record levels.
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Oilseed markets impacted by crude oil prices
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