Canola Hits 2-Week High on Smaller-tha-Expected Canadian Harvest

Canola futures jumped to CAD 857 per tonne, the highest in two weeks, after the latest data showed a smaller-than-expected harvest in Canada due to dry conditions in parts of the Prairies.

A farm survey by Statistics Canada showed canola production amounted to 18.2 million tonnes in 2022, below market expectations of 19.2 million and also lower than the previous estimate of 19.1 million tonnes.

Still, farmers produced 32.1% more than last year.

Canada is the world’s biggest canola producer and about 90% of its output is shipped to 50 countries, according to Canola Council of Canada.