Weekly Global Canola Market Summary – October 20, 2024

• Ukraine: Farmers have shown strong engagement in the 2025 harvest season, dedicating approximately 3.8 million hectares to winter crops, with close to 1 million hectares specifically allocated to rapeseed across nine regions. Ternopil region has led the planting effort, covering 165.8 thousand hectares (84.2% of its target). Volyn and Poltava regions have also made substantial progress, with 127.5 thousand and 182.7 thousand hectares planted, reaching roughly 77% and 73.5% of their targets, respectively. This extensive allocation underscores rapeseed's critical role in both domestic and global canola markets.
• United States: Canola cultivation is on the rise, largely due to increasing biofuel demand. The Union for the Promotion of Oil and Protein Plants, alongside the USDA, forecasts canola plantations to expand beyond 1 million hectares for the 2024-2025 season, a notable 21% increase from last year. This surge is projected to yield a record harvest of over 2.1 million tons, with North Dakota, Montana, Washington, Idaho, and Minnesota leading the charge. Key policy shifts, including the Renewable Fuels Standard and California's Low-Carbon Fuel Standard, are crucial to this growth, solidifying canola’s expanding role in biofuel production and enhancing biofuel markets, particularly in California.

These insights spotlight the evolving global landscape for canola, influenced by both regional cultivation efforts and policy-driven market demands. For in-depth analysis and extensive reporting on the Canola market, including crop health, long-term weather data, pricing trends, and earnings analysis, visit the CropGPT website. This summary highlights key updates for the week.