ICE Close: Canola Ends Higher to Finish Week

Canola futures ended stronger on Friday, amid choppy and nervous trade.

Weather remains a supportive influence for canola with many areas of the Prairies still overly dry and some producers calling a halt to planting until more significant moisture arrives.

Drew Lerner of World Weather Inc. in Kansas said the current pattern of limited shower activity and cooler temperatures across Western Canada will likely continue into about the second week of June, when the jet stream is expected to shift farther north, bringing more significant rain to at least the more southern production areas.

Further support for canola came from gains in Chicago soybeans today.

On the other side, ongoing trade tensions between Canada and China also continue to overhang the canola market.

July canola was up $2.60 at $444.40, November added $2.90 to $457.90 and January was $2.70 higher at $463.10.

Source: DePutter Publishing Ltd.

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