Canola futures ended with modest gains on Tuesday, closing higher for the fourth straight session.
Canola was up with the advances in Chicago soybeans following updated supply-demand estimates from the USDA at the noon hour. The report contained nothing new for soybeans, but the bean market moved higher with gains in corn and wheat. Meal was also higher on the day, but soyoil did close lower.
The USDA lowered its estimate of Canadian canola production by 1.1 million tonnes from last month following last week’s Statistics Canada crop production report which lowered the crop to 17.84 million tonnes from its previous estimate of just under 19 million.
January canola was up $3 to $621.70, and November added a dime to $613.20.
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