A lower Canadian production estimate helped to push canola futures higher on Thursday.
In its final crop production report for the 2024 growing season today, Statistics Canada pegged the national crop at 17.84 million tonnes. That is down more than 1 million tonnes from StatsCan’s model-based September estimate and now 7% below last year. The estimate also fell below the average pre-report trade guess of 18.5 million.
Chicago soybeans and soybean oil were also higher today, with the advances in soyoil attributed to the smaller Canadian canola crop and fears of tightening world vegoil supplies.
The lower production estimate was supportive for canola, although much will still depend on weather in South America over the next two months.
January canola was up $12 at $590.20, and November 2025 added $2.30 to $586.80.
