Canola futures ended lower on Thursday, giving back some of yesterday’s gains.
Chicago soybeans and soybean oil were higher today, but weakness in European rapeseed and palm oil were negative for canola prices.
A raft of USDA reports due for release tomorrow at noon hour ET have the potential to jolt the markets. Along with its monthly supply-demand update, the USDA will also release a US winter wheat and canola seedings report, along with a quarterly grain stocks report.
Traders are generally expecting US soybean ending stocks for 2024-25 to be revised lower from December, with a small cut in the 2024-25 Argentina soybean production forecast from the current 52 million tonnes. On the other hand, traders expect an upward revision in the Brazil soybean production estimate of 169 million tonnes.
March dropped $3.60 to $624.90, and new-crop November lost 50 cents to $613.70.
