Canola futures closed higher on Friday, after overcoming earlier losses.
Canola saw hefty pressure from significant losses in global crude oil that put pressure on vegetable oils. Slight losses in Chicago soybeans added to the downside, while support came from upticks in soymeal, Malaysian palm oil and European rapeseed.
The Canadian Grain Commission reported year to date producer deliveries of canola as of Jan. 29 at 9.93 million tonnes, 13.6% higher than a year ago. Exports were pegged at 4.29 million tonnes, 27.5% ahead last year, and domestic use reached 5.12 million tonnes, up 9.6% on the year.
March canola was up $6.50 at $831.60, May gained $5.20 to $828.90, July added $4.50 to $830.30, and new-crop November was $3 higher at $810.90.
