Canola futures followed Chicago soybeans higher for the second straight day on Friday.
Soybeans continued to be underpinned by weather woes in South American, especially in southern Brazil where flooding is expected to result in soy production losses.
Canola is holding just below the highs made in March and April. Where the market goes from here depends partly on soybeans and the 2024 Prairie crop. Rain (and snow) this week is improving the moisture situation in Western Canada but setting back planting.
July canola was up $10.10 at $647, November gained $8.70 to $660.80, and January was $7.90 higher at $668.40.
