Canola seed (~77 MMT, $38B+) is the world's third-largest oilseed by volume after soybeans and palm. 'Canola' = '00' double-zero quality (<2% erucic acid + <30 µmol/g glucosinolates in meal). 85-90% of global rapeseed production is now canola quality. Two parallel benchmark markets: ICE Canada (Winnipeg) for spring canola, Euronext Paris (MATIF) for EU winter rapeseed. EU is largest producer (19-21 MMT, winter rapeseed for biodiesel). Canada is largest exporter (10-12 MMT seed, ~60% of production). China is largest importer (4-6 MMT for crushing). Key dynamics: 2021 Canadian Prairie drought historic shock (12.6 MMT crop, prices to CAD$1,050/MT); 2019-2023 China-Canada trade dispute (political retaliation for Huawei executive detention) cut Canadian exports to China from 4-5 MMT to <1 MMT. Two distinct disease threats: blackleg (managed with resistance) and clubroot (emerging Alberta/Saskatchewan threat). 95% of Canadian canola is GMO; EU non-GMO imports command premium. Yellow seed canola is emerging premium (10-15% higher oil yield).