Canola futures rose for the third straight day on Wednesday, as strength in crude oil once again spilled over to help support.
Crude has been buoyed this week by rising tensions in the Middle East, especially after Iran launched a barrage of missiles at Iran on Tuesday. Israel has vowed retaliation for the strikes amid growing concerns for all-out conflict. Chicago soybeans and soymeal were lower today, but soyoil posted gains.
Closer to home, the Prairie canola harvest is picking up steam with improved weather. Today’s Manitoba crop report pegged the overall provincial harvest at 73% complete, up a major 15 points from a week earlier and well ahead of the modest 3-point gain seen the previous week due to rain. The canola harvest in the province was estimated at 78% complete, versus just 55% a week earlier.
November canola added $7.10 to $617.90, and January was $7.50 higher at $631.50.
