Canola futures declined on Tuesday, following the release of Statistics Canada’s grains stocks report.
The report was considered friendly for canola, with the federal agency pegging national canola stockpiles as of July 31 – ending stocks for the 2024-25 crop year - at 1.597 million tonnes. That is down 50.5% from the prior year’s 3.225 million and the lowest since the 2021-22 crop year. It was also on the low end of pre-report trade guesses.
However, losses in Chicago soybeans and soybean oil helped to send the canola market lower, along with weakness in palm oil. European rapeseed was higher on the day. Seasonal harvest pressure also weighed on the market, amid mostly warm and dry weather across Western Canada today. Some rain is expected to begin moving into parts of the Prairies toward the end of the week.
November canola fell $7.60 to $619.70, and January was down $6.60 to $632.
