Canola futures closed modestly higher Thursday, rebounding from earlier declines as strength in crude oil and a late recovery in Chicago soybeans helped support the market.
Canola had been pressured through much of the session by weaker Chicago soyoil, European rapeseed and Malaysian palm oil, but improving outside markets allowed prices to turn positive into the close.
Crude oil provided the strongest underlying support as Middle East tensions continued to keep energy prices elevated. Meanwhile, wet weather across parts of the Prairies was expected to slow harvest activity. Today's Saskatchewan crop report estimated the average provincial canola yield at 38 bu/acre compared with 44.4 in 2025. The report pegged the overall Saskatchewan harvest at 18% complete as of Monday, well behind the five- and 10-year averages.
November was up $2.90 at $828.70, and January was $3.60 higher at $839.50.
