Canola futures moved just modestly higher on Friday, with Chicago soybeans and soymeal ending sharply higher but soyoil lower.
The gains in soybeans and soymeal were linked to potential damage to Gulf Coast crops and infrastructure after Hurricane Helene made landfall on Thursday. European rapeseed and palm oil were higher on the day as well, lending some support to canola.
Today’s Alberta crop report pegged the overall harvest in that province at 75% complete, with canola about half finished. The report also put this year’s average Alberta canola yield at 31.9 bu/acre, well below Statistics Canada’s model-based estimate earlier this month of 38.3 bu/acre.
November canola was up $2.90 to $603.80, and January was $2.60 higher at $616.30.
