Canola futures moved higher on Friday, ending in the black for the fifth consecutive day.
Spillover support from strength in palm oil helped to lift canola, as did continued, but much more modest, gains in crude oil. Gains in canola were limited by losses in the Chicago soy complex amid US harvest pressure.
Today’s weekly Alberta crop report showed the provincewide harvest of major crops at 85% complete as of Tuesday, up 11 points from a week earlier and ahead of the five- and 10-year averages of 73% and 64%. The canola harvest gained 23 points on the week to reach 71% done.
Mostly dry weather is expected across the Prairies beginning later this weekend and into next week, which should allow fieldwork to further accelerate.
November canola gained $2.90 to $624.90, and January was up $1 at $637.
