Additional pressure on canola came from sharp losses in Chicago soyoil and European rapeseed. Gains in Malaysian palm oil, as well as Chicago soybeans and soymeal, tried to stymie further declines.
Palm oil is not the cheapest oil in the world, despite being the most abundant vegetable oil. Supply concerns have driven up the price by almost 30% this year.
Despite its status as the world's most plentiful vegetable oil, palm oil is no longer the cheapest, as supply concerns have pushed up prices by nearly 30% this year.