Canola futures posted gains for the fourth straight day on Tuesday, as the market remained pointed in the wake of Friday’s Statistics Canada grain stocks report.
That report confirmed the tightening Canadian supply, with canola stocks as of Dec. 31 reported down more than 19% from the same date a year earlier. Advances in Chicago soybean oil and European rapeseed further bolstered canola. However, Chicago soybeans fell after the release of the USDA’s monthly supply-demand update.
The report left US soybean ending stocks for 2024-25 unchanged from January, but expected Argentina soy production was slashed by 3 million tonnes. Brazil soybean output was left steady. Global soybean ending stocks were also revised lower from last month.
March canola was up $2.80 at $664.60, and November gained $2.90 to $654.40.
