Tight old-crop supplies and dry conditions across the Prairies sent canola futures to end of the week.
Additional support came from sharp increases in the Chicago soy complex, as well as moderate gains in European rapeseed. On the other hand, lower Malaysian palm oil weighed on values.
The Canadian Grain Commission reported year-to-date producer deliveries of canola at 16.64 million tonnes for the week ended April 25. That is a jump of 12.1% over the same period last year. Canola exports of nearly 8.6 million tonnes are almost 17% ahead of last year. Domestic usage of nearly 8 million tonnes is up 3.1%.
July canola jumped $25.90 to $868.70, November gained $20.30 to $710.20 and January was $18 higher at $706.70.
Source: DePutter Publishing Ltd.
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