Canola futures closed slightly lower to end the week, with coming rainfall expected to provide good relief for portions of Western Canada.
Significant rain over the next five days should provide a notable boost in soil moisture from southwestern Alberta to north-central Saskatchewan. Other Prairie areas may get rain as well, although amounts will be less. Losses in Chicago soybeans and soybean oil pressured canola as well, while crude oil, European rapeseed and palm oil were higher. This afternoon’s Alberta crop report pegged the province’s canola crop at just 45% good to excellent as of Tuesday, 20 points below last year.
Statistics Canada will release an acreage report on June 27, which will contain updated planted area estimates for this year. In its first estimate of 2025 canola area in March, StatsCan put the number at 21.6 million acres, down 1.7% from last year.
July canola fell $1.70 to $743.60, and November was down $1.30 at $742.70.
