After pausing a day earlier, canola futures continued their upward trek on Thursday.
Volume was described as light, as the larger Chicago soy complex was closed today for the Juneteenth holiday. However, European rapeseed and palm oil did finish higher on the day, while the Canadian dollar was weaker – a supportive factor for canola.
Production uncertainty continued to underpin canola. Although rain is in the forecast for many Prairie areas in the coming days, some regions are not expected to get enough to materially change current soil moisture deficits.
July canola gained $6.80 to $745.30, and November was up $7.60 at $744.
