Canola futures posted modest gains to close out the week amid strength in the Chicago soy complex.
Canola managed advances even as exports continue to lag. Canola shipments for this past week were reported by the Canadian Grain Commission at 128,300 tonnes, down from 162,800 the previous week. Exports are running 32% behind the year-ago pace and are on track to amount to just 6.14 million tonnes for the 2023-24 crop year, versus the Ag Canada forecast of 7 million.
Dry conditions in parts of Western Canada remain a supportive influence in the background.
May canola added $1.10 to $609.80, July was up 50 cents at $622.80, and November was $1.30 higher at $637.90.
