Canola futures closed lower for the third straight day on Wednesday, ahead of the season’s first set of production estimates from Statistics Canada.
StatsCan will release model-based production estimates at 8:30 am EST, with the average trade guess putting canola at 20.3 million tonnes – slightly above Ag Canada’s upwardly revised August estimate of 20.1 million and above the 2024 crop of 19.185 million.
Further upside is possible in the StatsCan estimate, given the modelling is based on conditions up until the end of July, before more plentiful rain improved conditions in many areas in August.
Tuesday’s Manitoba crop report estimated the overall harvest in that province at 10% complete as of Monday, with 1% of the canola off.
Chicago soybean and soybean oil futures were lower today, but European rapeseed and palm oil moved higher.
November fell $4.10 to $650.70, and January was down $3.80 at $663.10.
