Canola price volatility seen increasing as demand for renewable diesel increases

In Canada, Western Producer reports that increased biofuel demand for canola oil is expected to increase price volatility for the commodity moving forward. The Canadian Oilseed Processors Association expects canola demand for biofuels to jump to 6.5 million metric tons by 2030, up from just 1.8 million tons in 2020 while production is seen increasing to 29 million tons from 20 million tons in 2020. That would make the biofuel market responsible for 23% of canola demand by the end of the decade, a giant increase from just 9% in 2020.