speaker at Canola Day in Langdon, February sixth.
John C. Baize says he'll discuss the global canola outlook.
Baize says hydrogenated soybean oil has been removed from the trans-fat
labelling regulations stateside, China, Japan, and Mexico are strong importers, and
energy prices are higher. Baize says there's strong demand worldwide for all
vegetable oils. High energy prices support biodiesel production. The world
population's increasing and they want vegetable oil in their diet.
Baize sees a lot of effects looking ahead.
There's strong international oil demand, there's a drought stateside, Congress
extended the blenders' tax credit this year. China's demand could increase six to eight
percent for vegetable oil and something else: canola seed. Baize says there is a
worldwide demand for the vegetable oil crop.
Baize says high oil prices mean high biodiesel demand.
That should pull soy and other oils into biodiesel production.
That, in turn, should keep canola prices higher.
Baize will speak at Canola Day in Langdon, February sixth, around noon or so.