Canola prices seem to be stabilizing from a continued downtrend from highs reached in June, according to market analysts. The recent futures price was at exactly the same level as one year ago, as analysts report that harvest pressure on the canola market has begun to recede. Increased production in Canada, Chinese tariffs on Canadian canola and softness in the soybean market all contribute to current market conditions. One year ago, Canada was exporting record amounts of canola to China. This year, Canadian canola exports are down to less than half of last year’s levels, which points to a higher canola carryout going forward.
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