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WINNIPEG, (Manitoba): ICE canola futures rose on Tuesday after Statistics Canada sharply cut its own harvest estimate from just weeks ago, due to drought.

Statistics Canada, using satellite imagery, estimated canola production at 12.8 million tonnes, about 2 million tonnes less than its Aug. 30 estimate and down 34% from last year.

It is Canada’s smallest canola harvest in 13 years.

Canola jumped as much as 4.4% early, after the report, before paring its gains in line with soybean oil.

November canola gained $10.60 to $872.30 per tonne.

November-January canola spread traded 6,321 times.

US soybean futures see-sawed before finishing mostly lower on harvest pressure.

Paris wheat and rapeseed rallied on the lower Canadian crop forecasts.

A drought has damaged Canada’s canola and wheat harvests even more than it appeared weeks ago, according to a Statistics Canada report.

Record-hot summer temperatures in Canada’s western crop belt, combined with sparse rain, sharply reduced farm yields of the world’s biggest canola-growing nation. Canada is also a major wheat exporter.

ICE Canada November canola futures spiked after the report, climbing as much as 4.4%.

Statistics Canada, using satellite imagery, estimated canola production at 12.8 million tonnes, about 2 million tonnes less than its Aug. 30 estimate and down 34% from last year.

The canola crop, crushed mainly for its vegetable oil, is the smallest in 13 years, StatsCan said, and even smaller than the industry expected. “Canola supply is incredibly tight,” said Neil Townsend, chief market analyst for FarmLink Marketing Solutions. “It leaves incredibly small amounts for export.”

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