Canola futures on Tuesday added to the sharp gains from a day earlier.
Canola futures ended strongly higher on Monday following the release of Statistics Canada’s second round of model-based production estimates which lowered expected 2024 Canadian canola output to 18.98 million tonnes from the agency’s late August estimate of 19.501 million. If accurate, production would fall 1.1% below last year.
Gains in Chicago soybeans and soyoil were also supportive for canola today, as was strength in crude oil.
November canola was up $9.70 at $574.40, and January was $9.10 higher at $587.40.
