Canola futures managed small gains on Friday, with strength in European rapeseed and good demand helping to offset losses in the Chicago soy complex.
Trader positioning ahead of the weekend also boosted canola, which continues to see strong domestic and export demand. The Canadian Grain Commission reported canola exports for the week ended Oct. 13 at 384,800 tonnes, up from 160,500 the previous week. Year to date canola exports are running 168% ahead of the same period last year and 83% ahead of the five-year average.
Today’s Alberta crop report estimated the overall harvest in the province at 96% complete as of Tuesday, with canola at 92% done.
November was up $2.80 at $616.10, and January added $2.10 to $624.50.
