Canola prices have been caught up in the largest downdraft since March of 2020. Global recession fears and a potential banking crisis have resulted in a drastic drop in crude oil prices, as well as commodity prices. A surprise increase in canola production in Australia further led to weakness in the canola market. The Australian canola crop was raised to 8.27 million metric tons (MMT), which was much larger than they just reported in December. Australia’s canola export forecast was raised 600,000 tons. This was a negative surprise to the market at the same time global recession fears and a risk-off sentiment have taken hold.
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Australian canola supplies jump unexpectedly, impacting prices
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