Canola closed higher for the fourth straight day on Friday, with the nearby May contract closing above $600/tonne.
Support came from Chicago soyoil, along with gains in European rapeseed and palm oil, although uncertainty about potential US tariffs on April 2 continued to overhang the market.
With today’s gains, the nearby May future has now gained back about 60% of the losses the market suffered after China announced 100% tariffs on canola oil and canola meal earlier this month.
A Statistics Canada crush report on Friday pegged the February canola crush at 882,610 tonnes, down 12.6% from January and the first sub-1-million tonne monthly crush since September. Last month’s crush also fell 1.6% below the same month last year.
May canola gained $14 to $613.40, and November was up $11.50 at $612.20.
