Canola ended higher for the third straight day on Thursday, as strength across global vegetable oil markets encouraged buying interest.
Canola drew spillover support from gains in the Chicago soy complex, while both European rapeseed and palm oil finished higher amid strength in crude oil. Traders also continued to monitor Prairie fieldwork, which is picking up after a slow start but remains behind normal.
Today’s Saskatchewan crop report showed seeding in the province was 52% complete as of Monday, up sharply from 29% a week earlier but still trailing the five-year average of 74% and the 10-year average of 77%. At the same point last year, 88% of the crop had already been planted. Canola seeding in the province sits at 38% complete.
July canola gained $10.60 to $767.30, and November added $11 to $778.70.
