The canola market was stronger on Friday, seeing a continuation of Thursday’s corrective bounce off contract lows to end the week as traders squared positions amid ideas recent losses were overdone.
Gains in outside markets provided spillover support, with Chicago soyoil, European rapeseed and Malaysian palm oil futures all higher. However, relatively favourable Prairie crop weather kept a lid on the upside with timely rains in the forecast for some dry areas of Western Canada.
July canola gained $6.50 to $658, November was up $3.90 to $637.60, and January added $4.10 to $643.30.
