ICE Canadian canola futures saw strong gains last week, supported by demand for oil and seed from China and other export destinations.
March canola closed Feb. 9 at $434.20 per tonne, up from $419.30 Feb. 2.
All oilseed contracts last week were supported by continuing worries about Argentina’s drought, which caused the U.S. agriculture attaché to cut its forecast of the soybean crop to 42.5 million tonnes from earlier predictions of 49.5 million. The Buenos Aires Grain Exchange forecasts a 40 million tonne crop.
The U.S. Department of Agriculture was scheduled to release a new world crop production outlook Feb. 10.
Showers provided relief to parched Argentina in the first week of February, but forecasts called for a dry second week.
