Canola futures ended modestly higher on Friday, snapping a three-session losing streak as strength in global vegetable oil markets and a sharp rebound in crude oil prices provided support.
Renewed concerns about potential military conflict between the U.S. and Iran pushed crude oil higher, lifting Chicago soybean oil, Malaysian palm oil, and European rapeseed futures. On the other side, a firmer Canadian dollar and continued technical pressure limited the advance.
Today's Alberta crop report showed the canola harvest in that province at 94% complete as of Tuesday, with the last stages of fieldwork in the northern areas slowed by cold, wet weather.
January canola gained $4.90 to $788, and November 2027 added 20 cents to $781.70.
