WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday, lifted by crusher buying.
Statistics Canada reported 1.8 million tonnes of total canola stocks as of July 31, 2021 - much higher than the average trade expectation of 1.2 million.
StatsCan had to produce a higher stocks number, based on its March 31 stocks estimate and subsequent deliveries, which would have resulted in negative on-farm stocks without an adjustment, said StoneX risk management consultant Uros Vukov.
November canola gained $1.40 at $881.50 per tonne. The contract’s gain was only its second in nine sessions.