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ICE Close: Canola Slightly Lower After StatsCan Stocks Report

Canola futures closed just slightly lower on Thursday, following the release of a Statistics Canada grain stocks report which confirmed the tightening old-crop supply. 

The report pegged national canola stockpiles as of March 31 at just 5.869 million tonnes, down 38.7% from a year earlier. However, much of the tighter stocks story was already in the market, with the average pre-report trade guess for stocks around 6 million tonnes. 

Canola declined even as other competing vegetable oils were stronger today, including Chicago soyoil, European rapeseed, and Malaysian palm oil. The Canadian dollar was weaker. 

July canola eased 40 cents to $700.90, and November slipped 50 cents to $662.50

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Canada's Agriculture Day 2025

Video: Canada's Agriculture Day 2025

Let's celebrate Canadian agriculture.

Well, number one, you don't eat without farmers. Farmers put food on the table. And what could be more important than that?

Well, I think it's important that Canadians understand exactly what takes place, what happens to produce this food, no matter what sector you're talking about.

An awful lot of work goes into that. It's important to understand that meat does not come out of a showcase, and milk does not come out of a bottle. It's produced by farmers and hard work.

Canada has the best farmers in the world. And agriculture is vital to Canada.

In 2024, our agriculture and agri-food sector represented $150 billion of Canada's GDP, nearly $100 billion of our exports, and one in nine jobs.

From grains to fruits to dairy and beef, we are truly blessed with an incredible bounty. Having spent my whole life in agriculture, I see so much potential for the sector.

This time last year, I was proud to open our first-ever agriculture and trade office in the Indo-Pacific, the world’s fastest-growing economy, to cement our presence in the region and grow our exports even more. We've also been making historic investments to help our farmers to boost their yields, protect the planet, and earn a fair living.

The world wants more top-quality, sustainable food, and I know our Canadian farmers can deliver. And it's so important that you do that with pride. We need you.

Quite simply, you eat the most top quality food in the world. You do that because of the quality of farmers and ranchers you have in this country.

Just say thank you to a farmer or a rancher. They work very hard, yes, for a living, but also with a sense of pride in what they produce.

That's what Canada's Agriculture Day is all about.