Canola futures closed higher on Friday, drawing support from broad strength across the grain and oilseed complex.
Strong gains in Chicago soybeans and other agricultural markets encouraged buying in canola, while concerns over global grain and oilseed supplies remained supportive. Ongoing geopolitical tensions in both the Black Sea region and the Middle East also kept risk premiums elevated heading into the weekend.
Crude oil provided additional support, with prices climbing as tensions between the United States and Iran intensified and concerns persisted over possible disruptions to shipments through the Strait of Hormuz.
Today's weekly Alberta crop report pegged the 2026 average canola yield in the province at 37.7 bu/acre, well below last year's average of 45.4 bu.
November canola gained $15.40 to $818.90, and January was up $15.30 at $826.40.
