Canola futures closed little changed on Friday after the market retreated from earlier gains.
The early strength in canola was linked to strong gains in Chicago soybean oil, but canola cooled when that market pared its advances into the close. Weather also helped to pull the canola back from its highs, as meaningful rainfall as well as cooler temperatures are in the forecast for the Prairies from Saturday through Tuesday. However, heat and dryness are expected to return to some areas afterward.
Friday’s Alberta crop report showed incremental improvement in major crop conditions. The province’s canola crop was rated 64% good to excellent as of Tuesday, steady from a week earlier and up 6 points from June 30.
Rapeseed futures were lower while palm oil was strongly higher.
November canola was up 40 cents at $700.30, and January gained 80 cents to $709.50.
