Canola futures finished moderately higher on Thursday, recovering from early declines as strength in crude oil and renewed concern over Black Sea supply disruptions helped support the market.
Gains in Chicago soybeans and soybean oil helped to underpin canola as well, as did advances in European rapeseed. On the other hand, palm oil was weaker.
Today's Saskatchewan crop report showed the harvest in the province at 11% complete, well behind the five- and 10-year averages. An estimated 1% of the canola was off. Most of Western Canada is expected to see scattered showers over the next week, with harvest slowdowns likely.
November was up $5.70 at $804, and January added $5.30 to $813.60.
