Canola futures closed lower for the first time in five sessions on Wednesday, ahead of updated production estimates due from Statistics Canada tomorrow.
Pressure today came from losses in Chicago soybeans and soybean oil, along with weakness in European rapeseed.
Most analysts and market watchers expect the StatsCan crop production report to lower the 2024 Canadian canola production estimate lower from the current level of just 19 million tonnes. However, much of the expected decline is likely already in the market and unlikely to result in a significant move in prices.
Weakening global conditions could limit upside potential in canola.
January was down $8.70 at $578.20, and November 2025 dropped $7.60 to $584.50.
