Canola futures rode the coattails of soybean oil higher on Friday.
Soybean oil finished limit up on the day after the US Environmental Protection Agency proposed new biofuel blending requirements that exceeded market expectations. Soybeans also posted strong gains on the day, although soymeal finished with losses.
The canola market found further support from sharp gains in crude oil following Israel’s airstrikes.
On the other hand, rainfall in the next two weeks is still expected to be quite beneficial with relief from dryness likely in many Prairie areas. However, followup rain will still be very important, according to World Weather Inc.
July canola was up $7.20 to $731, and November jumped $15 to $723.20.
