Canola futures moved higher on Thursday, in part boosted by gains in the Chicago soy complex.
Advances in European rapeseed were also supportive, while longer-term fundamentals continue to underpin the market.
Following Statistics Canada’s downgraded 2024 Canadian canola production estimate earlier this month, Agriculture Canada supply-demand estimates released today pegged canola ending stocks for the current marketing year at just 1.25 million tonnes. That is down from 2.2 million in November and less than half the previous year’s 2.748 million. If accurate, it would also represent the tightest canola ending stocks since 2012-13.
January canola gained $10.80 to $598.50, and new-crop November was up $11.80 at $590.60.
