Canola futures ended higher Tuesday.
Some of the support in the market was linked to weather uncertainty in Brazil, where prospects for a record large 2023-24 soybean crop are being severely challenged by overly dry and hot weather in some central and northern production regions. Those weather concerns helped to lift Chicago soybeans today. Soyoil was also higher on the day, although soymeal was lower.
Monday’s Statistics Canada crop production report is expected to show an upward revision in the current 2023 Canadian canola production estimate of 17.36 million tonnes.
January was up $5.30 to $707.60, March added $6.60 to $711.50, and May was $8.60 higher at $717.
