Canola futures rebounded from losses a day earlier on Thursday, with gains in Chicago soybeans offering some support.
Strength in palm oil and European rapeseed added to the upside, with canola also continuing to by buoyed by increasing worries about hot, dry conditions across large parts of Western Canada.
Thursday’s weekly Saskatchewan crop report said crops in the province are quickly deteriorating amid the heat and dryness, following a generally good start. The canola crop was rated 68% good to excellent as of Monday, down 16 points from just two weeks ago.
November canola was up $1.10 at $671.70, and January gained $2.40 at $677.50.
