Canada Canola faces big carryout.

Canola contracts continue to chop around the C$525 to C$535 per tonne range during the week ended May 11, despite some recent government reports that were deemed bullish for the market. Statistics Canada released its stocks numbers which confirmed this year’s carryout would be extremely large. The agency pegged canola stockpiles, as of March 31, at 9.1 million tonnes, which greatly exceeded last year’s number of 7.9 million. To compound the situation though, is the fact that demand for exports are still lagging last year’s pace, despite a steady crush rate.