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Canola Mostly Lower Despite Bullish StatsCan

Canola futures were mostly lower on Tuesday, despite what seemed to be a bullish acreage report from Statistics Canada.

Statistics Canada projected a 3.6% increase in 2021 canola planted area to 21.5 million acres, which was on the low end of market expectations. There is already speculation the federal agency understated the amount of canola to be seeded, and plantings could be higher yet.

Only the soon-to-expire May contract made gains in what was a very volatile session. Tight old-crop supplies boosted May canola, along with strong support from the May contracts in Chicago soyoil and European rapeseed. However, those edible oils saw declines in their other positions. Meanwhile, Malaysian palm oil was higher in its most active months.

May canola managed a $7.50 gain to $901.90, but July was down $2.90 to $837.10 and November dropped $4.50 to $693.90.

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