The price of canola oil varies based on location, whether it's an export or import price, and the specific market. In Bangladesh, export prices in 2023 ranged from $2.51 to $4.32 USD per kg, while import prices ranged from $0.36 to $2.03 USD per kg. Globally, farmgate prices over the past four weeks have typically been between $1.17 and $1.19 USD per kg.
Here's a more detailed breakdown:
Bangladesh:
The export price of Canola Oil from Bangladesh has demonstrated stability over the last two years, indicating a consistent market trend. In 2023, export prices for Bangladesh Canola Oil ranged from $2.51 USD per kg to $4.32 USD per kg. By 2024, the export price remained steady between $2.55 and $4.36 USD per kg, reflecting a balanced supply and demand in the Bangladesh Canola Oil export market.
Export Prices (2023): $2.51 to $4.32 USD per kg.
Import Prices (2023): $0.36 to $2.03 USD per kg.
Export Prices (2024): Remained stable, between $2.55 and $4.36 USD per kg.
Global Farmgate Prices (Past 4 Weeks):
Typically ranged from $1.17 to $1.19 USD per kg. Over the past 4 weeks, the global wholesale price of Canola Oil generally ranged from $1.52 USD per kg to $2.32 USD per kg, or from $0.69 USD per pound (lb) to $1.05 USD per pound (lb).
Other Considerations:
Wholesale and Farmgate Prices:
Tridge provides data on both wholesale and farmgate prices of refined canola oil and rapeseed oil.
Market Trends:
Tridge also tracks price changes and trends for different countries and varieties.
Leading Market:
The US is a leading market for canola, with a value of $8.6 billion in 2023. The United States is Canada’s leading market for canola, valued at $8.6 billion in 2023, and is the top export destination for canola oil and meal. Mexico is a highly valued market for canola seed, valued at $1.0 billion in 2023. A robust North American agriculture market and a strong trading partnership are instrumental to canola farmers' competitiveness. Canada-United States-Mexico Agreement (CUSMA) entered into force in June 2020, strengthening its precursor, the North American Free Trade Agreement (NAFTA), providing farmers with open access and market predictability. As a CUSMA review is set to occur in 2026, preparation and leveraging close trade relations are required to maintain and grow our market presence in the region.
-SZK
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