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Canola Digest reported that low in-season rainfall and heat cut Canadian canola yields in 2023. Statistics Canada put 2023 production at 17.4 million tonnes, down from 18.7 million in 2022 and below the five-year average of 18.6 million.
The article attributes the shortfall to dry conditions on the southwest Prairies.
A smaller Canadian canola crop reduces supply for crushers, which tightens meal and oil availability and supports meal prices. Tighter supply also supports the broader oilseed complex.
canoladigest.caJay WhetterOct 31, 2023Not 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.
