Canola futures ended higher on Thursday, ahead of a Statistics Canada grain stocks report due tomorrow morning.
The StatsCan report, which will report national grain stockpiles as of Dec. 31, 2024, may help confirm the tight supply situation for canola, with Agriculture Canada projecting 2024-25 ending stocks at 1.25 million tonnes, well down from 2.74 million the previous year. The canola market, which touched the highest since November, also drew support from the advances in Chicago soybean oil, European rapeseed, and palm oil. Soybean futures managed small gains on the day as well.
March canola was up $9.80 at $650.20, and November added $6.80 to $643.70.
