Canola prices continue to move higher as demand for vegetable oils outpaces supply. IntelliFarm President Brian Voth doesn’t think there is much canola left in the country. “You need prices high enough to ration demand and get buyers to look elsewhere, but at this point, it still hasn’t happened.” Voth does not expect to see a major acreage shift toward canola given other the prices of other commodities. “Basically, all commodities are at multi-year high prices. That doesn’t mean we’ll see wall to wall canola. That’s becomes the problem for the 2021 crop, because even with 1.5 million more acres of canola in Canada this summer, even if we have an average yield, we’re not building the carryout much at all. It will still be a tight carryout.”
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