Canola futures fell heavily on Wednesday, ahead of tomorrow’s updated crop production estimates from Statistics Canada.
Model-based estimates released by the federal agency back in September pegged the 2025 Canadian canola crop at just over 20 million tonnes, the largest since 2018, when production was approximately 20.7 million tonnes. However, some 2025 estimates are even higher, suggesting it could be the largest crop on record, even surpassing the 2017 high of 21.5 million. The report will be released at 8:30 am EST.
Losses on the Chicago soy complex and declines in palm oil and European rapeseed added to the downside in canola, as did a stronger Canadian dollar.
January canola lost $15.60 to $629.20, and March fell $15.70 to $642.70.
