Canola futures shook off more losses in the Chicago soybean complex to finish higher on Wednesday.
Canola remained underpinned by tight old-crop supplies, with Agriculture Canada last week raising its 2024-25 canola export forecast and dropping projected ending stocks to a 12-year low of 1.15 million tonnes. Gains in crude oil and palm oil offered further support to canola, although European rapeseed was weaker.
The canola market is awaiting Statistics Canada’s June acreage report on Friday, which will update the 2025 planted area estimates the federal agency initially released back in March. The March report put new-crop canola intentions at 21.6 million acres, down 1.7% from the previous year. Friday’s report will be released at 8:30 am EST.
November canola gained $8.40 to $714.60, and January was up $8.40 at $723.
