Canola futures started the week with solid gains, despite a Statistics Canada grain stocks report this morning showing ample supplies at the end of the 2023-24 crop year.
The report pegged total nationwide canola stockpiles as of July 31, 2024 – ending stocks for the now concluded 2023-24 crop year – at 3.092 million tonnes, up almost 67% from the previous year’s 1.853 million and highest July 31 stocks since 2020. However, stocks were still no heavier than generally expected by the market.
Strong domestic demand - which StatsCan reported as record high in 2023-24 at 11.5 million tonnes, up 8.1% on the year – has helped stabilize canola prices near their August low.
November canola gained $14.40 to $583.60, and January was $14.90 higher at $595.80.
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