Canola futures ended on a positive note after posting losses for most of the week.
Support for the Canadian oilseed came from gains in the Chicago soy complex, European rapeseed, and Malaysian palm oil. Although strength in global crude oil has faded somewhat, it continued to provide support for the vegetable oils.
With dry conditions on the Prairies, farmers continue to make good progress in planting this year’s crop. However, that dryness has started to become something of a concern for the markets.
The Canadian dollar was little changed at mid-afternoon Friday, providing little direction for canola.
US markets will be closed on Monday for Memorial Day, while Canadian markets will be trading.
July canola was up $3.50 at $689.70, November gained $3.80 to $658.80, and January was $5 higher at $653.50.
