FORT ST. JOHN, B.C. – Prices for Canadian canola are experiencing strong levels in most areas across the prairies this season.
According to an article by Alberta Farmer Express, crop analyst Neil Blue says, on the supply side, lower production of palm oil began to support canola prices back in the spring, adding that the primary driver of canola prices are the vegetable oil markets, of which palm oil is the largest in volume.
Blue also says crop conditions in North America are playing a role in stronger prices for Canadian canola as adverse weather affected production in the major U.S. soybean-producing states.
Now that harvest is underway, some farmers are taking advantage of the higher prices by selling newly harvested crop, with prices ranging from $11 to $12 a bushel.