Canola is piling up in Canada, with supplies only set to grow after China kicked off an anti-dumping investigation.
Stockpiles of the commodity used to make cooking oil and animal feed surged to a four-year high of 3.1 million metric tons by the end of July, according to Statistics Canada data Monday. The 67% jump from a year earlier came ahead of this year’s harvest, with farmers already gathering the new crop.
Canola futures rose as much as 2.9% in New York, after posting the biggest weekly decline since 2022 last week.