Canola futures continued to follow the Chicago soy complex higher on Thursday.
Soybeans posted double-digit gains for the second straight day, as the market continued to be supported by US President Donald Trump’s social media post on Wednesday that soybeans would be a main topic of discussion when he meets with Chinese President Xi Jinping in about a month. Traders are hopeful the meeting will result in renewed buying of American soybeans by China, the world’s largest importer.
Palm oil and European rapeseed were mainly higher on the day.
Gains continued to be limited by ongoing seasonal harvest pressure. Today’s crop report showed the overall Saskatchewan harvest at 84% complete as of Monday, with canola at 71% done.
Some rain, and possibly snow, is expected in Manitoba and parts of eastern Saskatchewan beginning tomorrow and lasting through the weekend, but areas farther west are expected to be mostly dry.
November was up $6.60 at $613.80, and January was $7.10 higher at $626.80.
