Near-record canola imports despite bumper US crop

U.S. growers will harvest a record 2.5 billion pounds of canola this season, thanks to above-average yields and near-record plantings, says USDA in its Oil Crops Outlook report. North Dakota, by far the No 1 state with 85 percent of the crop this year, was forecast to reap 2.1 billion pounds of the oilseed. Canola is grown predominately in the Plains and Pacific Northwest. “Despite a bumper domestic canola harvest this year, near-record U.S. imports (2 billion pounds) are still anticipated due to recent expansion of crushing capaciy,” said USDA. The declining value of the Canadian dollar also will encourage imports. A crush of 4 billion pounds is forecast for 2014/15.

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