Strong gains in Chicago soybeans and soybean oil helped to propel canola futures to double-digit advances on Thursday.
A positive USDA weekly export sales report was the impetus behind the gains in soybeans, perhaps indicating that recent price weakness had spurred export interest. Strength in crude oil, palm oil and European rapeseed further underpinned canola.
Today’s Saskatchewan crop report showed little harvest progress in the province this past week amid scattered rainfall and high humidity. Just 3% of the overall Saskatchewan crop was in the bin as of Monday, up only 1 point on the week and behind last year as well as the five- and 10-year averages. Canola was reported at 1% harvested.
On the other side, Agriculture Canada raised its estimate of 2025 Canadian canola production to 20.1 million tonnes, up from 17.8 million in July and 19.185 million last year, in monthly supply-demand estimates released late Wednesday afternoon. Ending stocks were bumped up to 2.2 million tonnes from 1.1 million last month and 1.181 million in 2024-25.
November canola gained $14.20 to $663.30, and January was $13.80 higher at $674.40.
