The canola market started in July on a strong footing, gaining some momentum from the EPA proposing Renewable Volume Obligations that were positive for the oilseed markets and from the positive changes made to the 45Z provisions that made domestic feedstocks more competitive and eliminated an Indirect Land Use provision that unfairly penalized canola oil and soybean oil. But then concerns over an abundant soybean crop in the U.S. and better weather forecasts for Canada have pushed the canola market lower.
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Canola market weakens due to concerns over abundant US soybean crop
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