Canola futures settled with small advances on Thursday, the third straight day of gains.
A weaker Canadian dollar continued to underpin canola, with the loonie losing ground for the fourth day and hitting its lowest in four months against the American greenback. Strength in Chicago soybean and soybean oil futures further supported canola, as did gains in palm oil. On the other hand, European rapeseed was weaker.
Today’s Saskatchewan crop report pegged the harvest in that province at 68% complete as of Monday, up from 53% a week earlier but still trailing last year and the five- and 10-year average. The canola harvest was estimated at 42% done.
Prairie weather heading into the weekend and into next week looks good for harvesting, with warm and dry conditions expected.
November canola gained $1.50 to $619.60, and January was $1.40 higher at $632.70.
