Canola futures closed higher on Thursday, supported by yesterday's strength in the Chicago soy complex, when the Canadian market was closed for Remembrance Day.
The soy complex on Wednesday extended its gains from Tuesday's bullish USDA report, which lowered projected 2026-27 U.S. soybean ending stocks to 300 million bu from October. However, the soy complex did end lower today, even as the USDA confirmed another U.S. soybean export sale of 136,000 tonnes to China.
A weaker Canadian dollar also provided support to canola, as did continued good export and domestic crush demand. Gains in crude oil offered further underpinned the market.
January was up $6.90 at $777.30, and March added $6.10 to $787.10.
