Canola overcame losses in Chicago soybeans and soybean oil to close higher on Thursday.
The tight old-crop supply situation and uncertain new-crop production prospects underpinned the canola market,
Today’s weekly Saskatchewan crop report noted rain this past week in various parts of the province, but no real improvement in provincewide cropland soil moisture. Last week’s report pegged the canola crop in the province at 57% good to excellent, the lowest rating among all crops. Alberta will release its weekly crop report tomorrow.
European rapeseed futures were also lower today, while palm oil was little changed.
Meanwhile, the Canadian dollar hit an eight-month high, which was negative for canola prices.
Today’s USDA WASDE report was mostly neutral and provided little fresh direction for the soy complex.
July canola gained $9.50 to $723.80, and November climbed $14.30 to $708.20.
