Canola futures rallied on Friday, rebounding a day after Statistics Canada grain stocks report confirmed the dwindling old-crop canola supply.
Canola weakened slightly following the Thursday report, which showed Canadian canola stockpiles as of March 31 down nearly 31% compared to a year earlier – a slightly steeper fall than expected by analysts.
However, the market climbed today, with gains in Chicago soybeans and soybean oil helping to buoy prices.
July canola gained $11.20 to $712.10, and November was up $8.10 at $670.60.
