Canola futures ended higher on Wednesday, with Statistics Canada due to release an updated acreage report tomorrow morning.
Pre-report trade guesses for canola range from 20.8 million to 22.15 million acres, compared to Statistics Canada’s March estimate of 21.39 million and 22.08 million last year.
With canola already being battered by heavy speculative selling and a promising start for the 2024 crop over the past month, it will likely take a decidedly negative report tomorrow to push the market even lower. Canola could also see ripple effects from Friday’s USDA acreage and grain stocks reports.
A Statistics Canada crush report released earlier today showed a total of 920,432 tonnes of canola were crushed last month. That is down 3.8% from the April crush of 957,639 but a hefty 19.5% above the 769,942 tonnes crushed in May 2023.
July canola gained $6.90 to $591.30, and November was up $12 to $616.30.
