Canola finished higher for the first time in six sessions on Tuesday, with general strength in vegoils helping to boost the market.
Chicago soybean oil closed higher on the day, despite losses in soybeans and soymeal. European rapeseed and palm oil were higher, along with crude oil. Reports indicated that slow Prairie harvest progress was a source of support as well.
Friday’s Alberta crop report pegged the overall harvest of major crops in that province (spring wheat, oats, barley, canola, and peas) at about 8% complete as of Tuesday, up 6 points from a week earlier although still behind the five- and 10-year averages of 15% and 12%, respectively. Canola was reported at less than 1% harvested.
November canola gained $3.90 to $630.30, and January was $4 higher at $642.30.
