Canola futures closed mixed on Wednesday, with the new-crop November contract closing the price gap on old-crop July.
The market was reported mainly quiet today, with most producers now busy with spring seeding. Today’s Manitoba crop report pegged seeding across the province at 57% complete, up from 33% the previous week and ahead 47% last year and 45% for the five-year average. Canola was estimated at 30% seeded.
Recent rainfall has improved soil moisture levels across parts of the Prairies, although precipitation is still needed in some areas, including the Peace region.
The Chicago soy complex closed higher on the day, offering some spillover strength to canola, but both European rapeseed and palm oil were weaker.
In updated monthly supply-demand estimates today, Ag Canada hiked its 2024-25 canola export forecast by 1 million tonnes from April to 8.5 million. With its total supply estimate unchanged at 20.742 million and projected ending stocks holding at a 12-year low of 1.3 million tonnes, the larger export forecast forced the government to revise feed, waste and dockage to a negative 609,000 tonnes versus last month’s estimate of 391,000.
July canola slipped $2.30 to $716, and November was up $5 at $686.
