Across Australia, the canola futures price is sitting well above $500/tonne. That compares to about $250/tonne for wheat, stated on the website of ABC.
The news item states that canola is looking to be the crop of choice this year for Australian grain growers, with national supplies of new canola seed running low and prices staying strong.
Despite strong prices now and even better prices forecast, Elders agronomist Courtney Piesse said he would not recommend farmers go too hard on canola plantings. “If you want to increase your canola you’ve got to think long and hard about the rotational aspect of it and how it affects your business long term,” he said. “I wouldn’t just jump on the bandwagon for no reason at all.”
Source: ABC rural