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Statistics Canada cut its 2024/25 canola harvest forecast by 0.5 million tonnes to 19 million tonnes, 5.2% below the September USDA estimate. Yield was lowered to 38.4 bushels per acre, and the harvested area was trimmed.
November canola futures in Winnipeg rose 4.2% to C$565 per tonne amid rising oil prices.
A smaller Canadian crop and rising processing demand tighten canola supply, which supports canola meal and oil prices. Lower exports are expected as crushers bid more aggressively than exporters.
ukragroconsult.comSep 17, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
