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Canola Prices Breaking Records

Canola prices have been breaking records.
Jon Driedger is vice-president with LeftField Commodity Research.
"Truly this canola market is unprecedented. We are well into record highs and far beyond. It really is quite something. Essentially it's a market that's just desperately trying to ration demand. In short, we have a market that is running out of canola far too quickly and basically to try and slow demand down by driving prices to a level where people use less and that's kind of the exercise the market is trying to go through right now."
Driedger was asked if the high prices will lead to an increase in canola acres this year.
"Well we will see more acres planted in western Canada this year, although probably not as dramatic an increase as one might think. If you just looked at a canola futures price and looked at how incredibly high prices are, it's just like a rocket ship. There's a couple of things that are maybe going to limit a little bit how aggressive the canola acreage expansion might be."
He notes those factors being good agronomic practices and high prices for other crops.
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