Canola futures closed higher on Friday as a Statistics Canada grain stocks report confirmed tightening supplies.
The report pegged total Canadian canola stocks as of Dec. 31 at 11.382 million tonnes, down 19.2% from a year earlier. Excluding the 2021 drought year when stocks dropped to 9.338 million tonnes, it was the lowest Dec. 31 canola stocks level since 2012 at just over 8 million.
Strength in Chicago soybean oil and palm oil added to the upside in canola, although soybeans and European rapeseed were lower.
March canola was up $6.60 at $656.80, and November added $3.40 to $647.10.
