Prairie production uncertainty helped support canola futures on Thursday.
This afternoon’s Saskatchewan crop report contained the first condition ratings of the season and pegged the canola crop in the No. 1 production province at just 57% good to excellent as of Monday. That was the lowest among all Saskatchewan crops and 21 points below last year’s initial condition rating, released June 10.
Cropland topsoil moisture is deteriorating in Saskatchewan, with most of the province seeing just minimal rainfall amounts or none at all this past week.
Rapeseed futures were higher today, but Chicago soybean oil and palm oil were both lower.
July canola was up $3.90 at $698.90, and November was $4.30 higher at $681.20.
