Gains in the larger US crop markets helped to push canola futures higher on Friday.
The Chicago soy complex strengthened on increasing weather worries in Argentina, where conditions are drying out in parts of the country. Corn and wheat were each higher as well. Advances in crude oil – powered in part by US warships sailing to Iran – also underpinned canola. European rapeseed settled higher on the day, although palm oil was weaker.
The canola market also continues to draw support from last week’s tariff deal between Canada and Beijing that is expected to restart canola shipments to China.
March canola was up $4.50 at $651.70, and November was $6.80 higher at $663.
