Canola futures posted moderate gains on Wednesday, with strength in Chicago soybeans and soybean oil amid continued dryness in Brazil spilling over to help support.
Although mostly favourable conditions for harvest are expected across the Prairies for the next couple of weeks, Tuesday’s Manitoba crop report showed fieldwork in that province was largely stalled last week amid heavy downpours. The overall harvest advanced just 3 points to 58% complete, while just over half of the canola (55%) was in the bin.
Earlier today, Statistics Canada reported that domestic processors crushed 850,529 tonnes of canola in August – the first month of the 2024-25 crop year. That is down a hefty 15.3% from the July all-time high of 1.005 million, but still 2.5% above a year earlier and the largest August crush on record.
The ongoing strike by grain terminal workers at the Port of Vancouver and the uncertainty surrounding China’s anti-dumping probe into Canadian canola remain undermining influences.
November canola gained $7.70 to $611.30, and January was up $8.10 at $624.20.
