Canola futures ended lower on Tuesday as Statistics Canada’s June acreage report delivered a much larger planted area estimate than the market expected.
The federal agency’s June acreage report this morning pegged 2026 canola seedings at a record 23.44 million acres, up sharply from its March estimate of 21.84 million and well above pre-report trade expectations of 22.1 million to 22.8 million acres.
Additional pressure came from losses in Chicago soyoil futures. However, gains in Chicago soybeans and ongoing uncertainty about Prairie production limited the declines. It remains to be seen if record canola planted area translates into a bumper crop this fall if flooding, saturated fields or unfavourable summer weather reduces harvested area or yields.
November was down $8.60 at $735.30, and January fell $8.80 to $743.90.
