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Statistics Canada reported that farms held 2.6 million tonnes of last year's canola at the end of July, 60% more than a year earlier, and processors held 46% more. The storage rise is attributed mainly to China halting most canola imports after Canada's arrest of a Huawei executive.
Canola prices have also dropped amid a broader decline in global field crop prices.
Large unsold canola stocks in Canada add to a surplus that weighs on canola meal and seed prices until China reopens. Farmers' carry-over may also slow the 2019-20 marketing pace.
theglobeandmail.comEric AtkinsSep 6, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
