Statistics Canada estimate of July 31st canola stocks is at the low end of trade estimates.

The federal agency reports there were only 788,000 metric tonnes of canola in commercial and on-farm storage. That is down 64 per cent from one year ago.

An estimated 225,000 tonnes of canola were stored on-farm at the end of July, the lowest amount since 2004.

Although harvest is well underway, crushers and exporters appear to be scrambling for supplies, according to Errol Anderson with Pro-Market Communications in Calgary.

"Both Japan and China have been rumored buyers of canola this week. Local basis levels now vary between about $5 and $15 under, which has pushed those number one Canada bids over $14 a bushel at many locations."

Statistics Canada says total wheat stocks are 18 per cent lower than one year ago at 5.9 million tonnes.

Total stocks of barley were 1.2 million tonnes, down 15.2 per cent from July 2011. On-farm barley stocks fell in all Prairie provinces, but the decline was most pronounced in Saskatchewan.