Canola futures closed higher today, following an updated Statistics Canada report which showed canola planted area up from original intentions.
StatsCan pegged planted area for this year at 20.77 million acres, up from original intentions of 20.61 million reported by StatsCan in early May, and down less than 1% (0.8%) from the previous year’s 20.95 million. The estimate was on the high end of pre-report trade expectations that ranged from 20.35 million to 20.89 million acres.
A weaker Canadian dollar offered support to canola, as did end of month positioning.
November canola was up $5.10 at $473.60, January was $5.10 higher at $479.60 and May was $5.10 higher at $484.70.
Source: DePutter Publishing Ltd.
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