Gains in Chicago soybean oil helped boost canola to end the week.
Soyoil managed to close in the black, even as soybeans and soybean meal ended lower, offering spillover support to canola. Crude oil and palm oil were higher as well, although European rapeseed was lower.
The Canadian market continued to be underpinned by tightening old-crop supplies, with the nearby July contract’s premium over new-crop November widening out today.
US markets will be closed Monday for the Memorial Day holiday.
July canola gained $4.90 to $720.80, and November was up $2.50 at $688.30.
