Initially bred in Canada, Canola is a trademarked cultivar of genetically engineered rapeseed variants from which oil is acquired.
Every year, the U.S. and Canada produce between 7 to 10 million metric tons of canola seed. Some of the major consumers of canola seed are Japan, China, Pakistan and Mexico, while major customers of canola oil outside the U.S. are Taiwan, China, Mexico and Europe.
Rapeseed is traded on the Euronext exchange, while the main price discovery mechanism for the worldwide trading of canola is the Winnipeg Commodity Exchange. Canola oil is also a hopeful source for manufacturing biodiesel, which is a renewable alterative to fossil fuels.