David will discuss the latest developments in the global oilseed markets and its price implication on Canadian canola. Dwindling production of oils and fats has resulted in a large 2024/25 deficit, requiring demand-rationing in the biofuel and food sectors. Combined crushings of rapeseed, canola and sunflower seed are set to decline by 8 million tonnes this season, raising dependence on soybeans. This will require a further appreciation of the oil share of the combined product value, which is good news for a high oil-yielding oilseed such as canola.