A POOR crop in Canada has resulted in skyrocketing canola prices, with Wimmera growers set to reap record gains.
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Canada is the world's largest exporter of canola, responsible for 64 per cent of global export trade.
Concerns around the Canadian crop in July saw canola prices on world exchanges rise sharply, reaching more than $1000 a metric ton.
Viterra Oilseeds Trader Andrew Freebairn said there was a promising season ahead for Australian growers.
"There is an increase in demand for Australian canola which following good rainfall and the likelihood of a promising season ahead, is very positive for growers," he said.
"The challenges experienced by Canada are resulting in stronger prices and increased demand for Australian canola."
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Horsham farmer Tim Rethus has been growing canola this year and said 2021's late rainfall could make it difficult for Wimmera farmers to capitalise on the record prices.
"With canola's price being so ridiculously high at the moment, people are having trouble growing canola this year," he said.
"Usually, canola does best when it is sown early, and it didn't rain early, so the canola plants are still quite small.
"So everyone is desperate to get a good canola crop by the end of it because the price is so good, but we are really going to struggle to make massive use of the huge prices because our yields are going to be curved a little bit by the late start we had.
"There are also issues we had because of the late start like staggered germination, pest pressure because it took so long to grow."
Minimay farmer Ron Hawkins also planted canola and said growing the crop has become more attractive recently.
"We haven't grown canola for a while but we are this year," he said.
"With improved technologies, it is getting more attractive, weed control, all of those things. It fits in well with the rotations.
"The improved technology and the improved variety, I think are the critical things. The price is also very good too. But that has all happened in the last two or three months."
Mr Hawkins said the many positives of canola could attract more farmers to the crop.
"There are so many positives. It will probably attract more people. Most farms are going pretty well." he said.
"The room to change and do things differently is not all that great, but it is just about where you put the emphasis on any given day. If the price is good you might do a little bit extra."
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