ICE Close: Canola Up, but Well Off Highs

Canola futures ended higher on Tuesday but backed well away from earlier highs. At one point the November contract reached C$900/tonne.

Support came from the Statistics Canada production update, which lowered 2021 canola production from 14.7 million tonnes last month to 12.8 million. Compared to the previous year, the canola harvest is down more than 34%.

Spillover came from gains in Chicago soyoil, European rapeseed and Malaysian palm oil. Those increases were tempered by declines in Chicago soybeans and soymeal.

The Prairie weather forecast is conducive to the ongoing harvest, with daytime temperatures in the high teens to low 20 degrees Celsius. Scattered showers are expected for the northern parts of Alberta and Saskatchewan.

November canola ended $10.60 higher at $872.30, January was up $10.20 at $863 and March gained $8.90 to $849.90.

Source: DePutter Publishing Ltd.

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