Canola futures closed with gains on Friday ahead of the Canada Day holiday weekend.
USDA acreage and grain stocks reports today were mixed for Chicago soybeans. The acreage report showed US soybean stocks as of June heavier than expected, but 2024 planted area down from March intentions and below trade expectations. Soybeans and soymeal posted losses on the day, but soybean oil managed gains, offering some support to canola.
July canola was up $7.30 at $597.90, and November gained $6 to $627.10.
