Canola futures closed higher on Friday, gaining for the fourth straight day as strength in Chicago soybeans and continued optimism surrounding oilseed demand helped support prices.
The market continued to draw support from Tuesday's bullish USDA supply-demand report, which lowered projected U.S. soybean ending stocks and sparked a sharp rally in soybean futures. Chicago soyoil futures also ended stronger today, as did crude oil.
Strong Canadian canola exports and domestic crush demand also provided underlying support. The Canadian dollar was unchanged to slightly lower today.
January canola was up $5.90 at $783.20, and November climbed $6.20 to $774.60.
