Canola futures fell heavily to end the week, ahead of Statistics Canada final crop production report of the year due on Monday.
Most traders and analysts are expecting StatsCan to upwardly revise its canola production estimate from September, when it pegged the crop at 17.37 million tonnes. Pre-report trade estimates range from 18 million to as high as 18.6 million tonnes, which should loosen the supply-demand balance and potentially push 2023-24 canola ending stocks up from the relatively tight 1 million tonnes Agriculture Canada is currently projecting.
Losses in the Chicago soy complex also pressured canola today, with those declines attributed to forecasts for rain in dry Brazilian soybean areas this weekend.
January canola lost $19.80 to $680.50, March dropped $17.20 to $688.20, and new-crop November fell $11 to $696.90.
