ICE Close: Higher Soy Complex Pushes Up Canola

Canola futures closed higher on Friday, although the marked pulled back from much larger increases earlier in the day.

Support came from solid gains in the Chicago soy complex. On the other hand, Malaysian palm oil suffered modest losses, while European rapeseed ended mixed.

The latest production report from Statistics Canada had little, if any, effect on canola prices. The report pegged canola production for this year at 12.6 million tonnes, down about 200,000 from the agency’s September estimate and generally in line with trade ideas.

January canola was up $4.30 to $1,026.90, March gained $9.50 to $994.60 and May added $11.90 to $953.40.

Source: DePutter Publishing Ltd.

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