September 26, 2013
Canada's rapeseed harvest pushes down Australia's rapeseed prices
Canada's record rapeseed harvest is pushing down rapeseed prices in Australia to five year lows.
Canadian farmers are expected to harvest about 17 million tonnes of rapeseedthis year.
Grain marketing consultant Ryan Duane says Canada's crop and large global soy plantings mean international supply of oilseeds is high.
He said that at the moment they're about 50% of the way through their harvest and yields look really good and the Canadian farmer is selling quite heavily, so in response to that the Winnipeg futures market has come off probably US$40 in the last couple of weeks, and our rapeseed price has suffered in response to that as well."
Prices in Western Australia are around US$500 per tonne.