ICE Close: Canola Higher Despite Heaviest July 31 Stocks in Four Years

Sep 10, 2024

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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Video: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.