Canola hits Record after Canada Cuts stocks estimate

Canola futures touched a record high this week, extending a months-long rally after Canada’s agriculture department slashed its stockpile estimate for the oilseed, increasing supply concerns. Canada will have 700,000 tonnes of canola when the crop year ends July 31, Agriculture and Agri-food Canada said in its monthly report. That marks a 42 per cent reduction from the January forecast. “That was a surprise,” said Shawn Hackett, president of agricultural commodities brokerage Hackett Financial Advisors in Florida. “That was much lower than people thought.” The spot futures contract hit $777.30 per tonne on Thursday, the highest for such a contract according to data going back to 1982, before paring some of its gains. Canola for November delivery also extended a rally to a high of $590.20.