Canola futures closed higher to end the week.
Losses in the Canadian dollar – pressured by Canada-US trade uncertainty - were supportive for canola. On the other hand, Chicago soybean oil, European rapeseed, as well as palm oil, were lower
Some showers and thunderstorms are expected across the Prairies in the next seven days, but rain amounts are still expected to be disappointing, according to World Weather Inc.
Today’s weekly Alberta crop report said precipitation this past week did bring relief to crops in some areas of the province but added that prolonged hot and dry weather “continues to be a challenge to crops and pastures in other regions.” The canola crop in the province was rated 63% good to excellent as of Tuesday, down a single point from the previous week.
November canola gained $5.10 to $700.80, and January was up $5.30 at $710.40.
