Canola is quickly losing its lustre. During March ICE (Canadian) canola futures, which much of our pricing is based on, has lost A$126, and Matif (French) has lost A$121.
MATIF canola futures are now at their lowest levels since June 2021.
These are some substantial falls, in Aussie dollar terms; nearly every session this month has been in a downward trajectory. Australian local pricing has also followed the overseas market.
The wider vegetable oils market has come under pressure, with all the main oils/oilseeds coming under the hammer.
It is expected that Brazil will achieve a record-breaking crop of 155mmt. We expect that this season we will see a lower acreage in Australia compared to recent years, due to price and agronomic considerations.