Heat Sends Canola Prices Soaring
CBJ – Restaurant owners and visitors to the grocery store have no doubt noticed the soaring price of canola oil in recent weeks. The cause is said to be mostly due to the unprecedented heat wave hitting much of western Canada and the United States.
Wheat harvesting has been damaged due to the extreme heat, causing large shortages and by extension is pushing up the price of what’s available as demand outweighs supply.
Hot, dry weather is stressful for crops such as wheat and impedes both growth and quality.
Last week, the U.S. Department of Agriculture estimated just 20% of the spring wheat harvest will be salvageable. In most years nearly 80% of the entire planted crop is deemed to be in good condition for harvesting.