Canola futures moved strongly higher on Monday after Statistics Canada revised expected 2024 Canadian production lower from last month.
Statistics Canada’s second round of model-based production estimates pegged the national canola crop at 18.98 million tonnes. That is down from the federal agency’s initial estimate of 19.501 million at the end of August and now 1.1% below a year earlier. However, the crop remains up from the 2022 harvest of 18.849 million.
Below average precipitation and prolonged high temperatures dented crop conditions from the beginning of the season, the federal agency said.
November canola jumped $22.90 to $564.70, and January was up $22.40 at $578.30.
