The USDA, in its latest Oil Crops Outlook, raised the canola crush forecast for the 2022-23 October to September time period to a record high, pushing production of oil and meal higher in 2022-23. Along with higher crush, the 2022-23 canola oil imports were revised up and finalized at a record 6.3 billion pounds. It said this trend in canola oil imports is largely driven by a strong demand for canola oil after the Environmental Protection Agency (EPA) approved the canola oil pathway for renewable diesel in December 2022.
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US canola oil consumption reaches another record high
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