ICE Close: Gains for Canola to End Week

Canola futures closed stronger on Friday, regaining the losses incurred earlier in the week.

Canola moved higher amid spillover support from Chicago soybeans, which got a boost from continued dry conditions in portions of Brazil and Argentina. Strength in Chicago soyoil contracts also lent support to canola.

On the other hand, strength in the Canadian dollar helped to keep the canola gains in check.

Statistics Canada will release updated 2020 crop production estimates next week, which kept some caution in the week. In its September report, StatsCan pegged the Canadian canola crop at 19.39 million tonnes, down slightly from a year earlier.

January canola gained $5.60 to $577.40, March was up $4.80 at $574.40 and May climbed $4.90 to $571.

Source: DePutter Publishing Ltd.

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