Canola futures ended stronger on Tuesday, hitting fresh contract highs in the new-crop months as consistent concerns over hot and dry Prairie weather kept the bias to the upside.
Record high temperatures were being reported in Western Canada this week, with little precipitation in the immediate forecasts to alleviate the heat.
Statistics Canada released updated acreage estimates Tuesday morning, pegging canola plantings for the year at 22.5 million acres. That's up by about a million from earlier intentions and nearly two million above what was planted last year, but in line with trade expectations.
Weakness in the Canadian dollar and gains in Chicago Board of Trade soyoil added to the strength in canola.
July canola jumped $30 to $809.50, November was up $25.10 at $794.60 and January was $22.30 higher at $788.30.
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