Canola futures were sharply higher on Thursday, regaining all the previous day’s losses and then some.
News that Australia was close to deal to send test shipments of canola to China – which could dent Chinese demand for Canadian canola – weighed on the market on Wednesday. However, the market rebounded strongly today, taking its cue from particularly good advances in Chicago soybean oil. Soybeans and soymeal were also higher, with additional support coming from gains in crude oil, European rapeseed, and palm oil.
Rainfall, along with cooler temperatures, is in the forecast for the Prairies, with most of the rain expected after Friday.
November canola gained $23.90 to $699.90, and January was up $23.80 to $708.70.
