A record canola crop being harvested in Canada is pushing down canola prices in Australia to five year lows.

Canadian farmers are expected to harvest about 17 million tonnes of canola this year.

Grain marketing consultant Ryan Duane says Canada's crop and large global soybean plantings mean international supply of oilseeds is high.

"At the moment they're about 50 per cent of the way through their harvest and yields look really good and the Canadian farmer is selling quite heavily, so in response to that the Winnipeg futures market has come off probably $40 in the last couple of weeks, and our canola price has suffered in response to that as well."

Prices in Western Australia are around $500 per tonne.

 

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