Canola oil is derived from rapeseeds, which were first grown and cultivated in Canada starting in the 1970s, and is the second largest oil crop. In fact, the name canola is an acronym for "Canadian oil, low acid". Thanks to some controversial genetic modifications, canola can now be grown in a much wider zone stretching from northern U.K. and Wales all the way to the other side of the world in Australia, where it is their third biggest crop. Today, 90% of all canola used in the U.S. comes from farms in North Dakota. Canola is currently considered an American cash crop, and although the U.S. is a net consumer of canola oil, major customers include Japan, Mexico, and China.
Canola Oil Contract Specifications
→ Click Here for Canola Oil Contract Specifications
Last updated September 2015.