Canola futures closed higher for the first time in six sessions on Thursday, with the market buoyed in part by a weaker Canadian dollar.
The loonie pulled back from an earlier 10-day high against its American counterpart as crude oil prices declined. Advances in European rapeseed and Chicago soybeans also supported canola, although soyoil and palm oil did end the day weaker.
According to World Weather, a strong storm system will continue to make its way across the Prairies and the northern US Plains through Saturday and should provide a notable boost in soil moisture for some of the dry Prairie areas.
November canola gained $7.60 to $677.30, and January was up $7.40 at $689.10.
