Canola futures closed higher on Tuesday, adding to the previous day’s strong gains.
Extreme heat across parts of Western Canada is expected to take the top off this year’s crop although production still looks above the year-earlier level. Agriculture Canada pegged the crop at 18.628 million tonnes in Monday’s supply-demand update, up from 18.1 million in June and above 18.328 million in 2023.
Ag Canada also nudged up its new-crop canola export forecast by 100,000 tonnes from last month to 7 million.
With rallying futures approaching the high made in May, farmer selling may pick up.
November gained $5.30 to $678.40, and January was up $5 at $682.80.
