Canola futures closed stronger on Friday, after getting off to a shaky start earlier in the session.
While low volumes of activity accounted for the immediate swing upward in canola, strong spillover from the Chicago soy complex and European rapeseed pushed the Canadian oilseed even higher. Meanwhile, Malaysian palm saw small advances in most of its contracts. Significant upticks in global crude oil prices added to the rise in edible oils.
Spring planting will be further delayed across much of the very soggy eastern Prairies, with more rain in the weekend forecast. Rain is also to fall on the drought-stricken western Prairies.
July canola jumped $29 to $1,181, November was $11.70 higher at $1,099.60 and January was up $12.10 at $1,102.90.
Source: DePutter Publishing Ltd.
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