Canola futures ended higher on Friday, with the July contract settling back above the $600/tonne mark.
Gains in Chicago soybeans and soymeal provided some support for the Canadian market, although soyoil was lower.
The Canadian Grain Commission reported canola exports for the week ended June 16 at just under 132,000 tonnes, down from 152,100 tonnes a week earlier. Year-to-date exports continue to lag last year, down about 21%.
This afternoon’s Alberta crop report showed all crops in the province rated 73% good to excellent as of Tuesday, up sharply from 43% last year and above the five- and 10-year averages of 69% and 70%. The canola crop held the lowest condition rating of all crops in the province at 65% good to excellent, but still up from 40% a year ago.
July canola gained $6.70 to $606.10, and November was $4.40 higher at $622.50.
