Canola futures ended higher on Wednesday ahead of a Statistics Canada grain stocks report to be released tomorrow morning.
The report, which will show stocks of grain as of March 31, is expected confirm the tightening supply situation for old-crop canola, as the pace of 2024-25 exports and crush continues to run strong. Pre-report trade guesses suggest the report will show March 31 canola stocks at just over 6 million tonnes.
Canola was stronger even as Chicago soybean oil fell. Malaysian palm oil and European rapeseed were lower as well.
July canola gained $7 to $688.30, and November closed $7.10 higher at $663.
