Canola futures rebounded on Friday after a sell-off in Chicago soybeans and soybean oil a day earlier led to sharp losses.
Bargain buying helped to boost canola, while the tightening old-crop supply continued to underpin the market as well. Gains in European rapeseed offered support as well, as did a lower Canadian dollar. On the other hand, palm oil ended lower.
Planting is progressing well across much of Western Canada, with all three Prairie provinces ahead of their average pace. Today’s Alberta crop report estimated the planting of major crops in the province at 47% complete as of Tuesday, up 27 points on the week and far ahead of the five- and 10-year averages. The canola crop was reported at 24% seeded as of Tuesday.
July was up $8.30 at $702.70, and November was $5.70 higher at $673.70.
