Stockpiles of canola in the world’s biggest producer plunged as a drought in Canada combines with global surge in demand for cooking oil made from the seed, reports AJOT.
Inventories of the oilseed tumbled by 49% to 1.8 million metric tons on July 31, the lowest level since 2017, Statistics Canada data showed Wednesday.
More restaurants are opening up even as the COVID-19 pandemic drags on, using up vegetable oil.
China is also purchasing more of the seed, with exports rising about a third from the prior year.
