Canola futures returned to their winning ways on Friday, closing higher for the fourth time in five sessions.
Strength in crude oil and Chicago soybean oil helped to lift the market, as did further losses in the Canadian, which makes Canadian canola appear more attractively priced for international buyers. Canola futures are now up about $45/tonne from last week’s lows.
Friday’s Alberta crop report pegged the overall harvest in the province at 63% complete as of Tuesday, with canola around one-third in the bin.
November gained $6.30 to $588.90, and January was up $4.70 at $599.10.
