Canola crop in Canada is in good condition due to favorable weather

28-Jun-2024 08:01 PM

Winnipeg. Canola crop is in good condition in most parts of Canada, but in some places its progress is a bit slow due to dry weather and high moisture content in the fields.

The need of sunlight is being felt there. In the June report of the Canadian Agriculture Ministry, the domestic production area of ​​canola has been estimated to decrease by 3 percent to 214 lakh acres and production has also fallen to 181 lakh tonnes as compared to last year. Similarly, the final outstanding stock of canola is expected to be 25 lakh tonnes.

Trade analysts are still waiting for a clear picture of the sowing and crop condition of canola rapeseed in the European Union because the export of Canadian canola and its oil and meal will depend to a large extent on this. Similarly, the canola crop in Australia is being closely monitored. A large quantity of rapeseed is also exported to the European Union from Ukraine.

There are reports that the weather is going to be quite challenging for the development of rapeseed crop in the European Union.

A better picture of its production may emerge in the coming weeks. It is worth noting that the Government of India has approved the import of 1.50 lakh tonnes of refined rapeseed oil under the Tariff Rate Quota (TRQ) system. It is likely to be imported mainly from the European Union and Ukraine.

Some other countries can also supply it. The futures price of the upcoming crop of canola in Winnipeg Exchange has recently strengthened a bit, while in spot form the price of old and new (upcoming) crop of canola is being reported to be $ 12.75-13.00 per bushel. It is worth noting that Canada is the world's largest producer and exporter of canola and its value added products.