Canola futures settled higher on Thursday, rebounding from the previous day’s small losses.
Some support continued to come from wet conditions that have slowed harvest progress across large parts of the Prairies, particularly Saskatchewan. Today’s Saskatchewan crop report put the overall harvest in the province at just 32% complete as of Monday, up just 5 points on the week and far behind the five- and 10-year averages. The report also showed a smaller than average portion of some crops falling into the top grade.
A relatively weak Canadian dollar underpinned the market as well, with the loonie trading near a six-week low against the U.S. dollar following Wednesday’s U.S. Federal Reserve rate increase.
On the other side, Statistics Canada’s estimate for another large Canadian canola crop was a negative influence.
November was up $7 at $833.90, and January climbed $6.30 to $844.10.
