Canola futures ended a volatile week by closing higher on Friday, almost completely taking back the previous day’s double-digit losses.
Canola drew strength from the advances in Chicago soybean oil, which was boosted by news that China is lowering or removing export tax rebates from some commodities, including used cooking oil. Fewer cooking oil imports into the US could spur more demand for soybean oil from biofuel makers. Soybeans also finished higher for the first time in five sessions today.
The weak Canadian dollar remains on an ongoing source of support, as does the need to ration Canadian supplies. Statistics Canada will release its final crop production report for the 2024 growing season on Dec. 5, and the expectation is that canola output will be lowered from the current 18.98 million tonnes.
January canola jumped $19.10 to $646.70, and March climbed $20 to $660.80.
