Strong gains in Chicago soybeans led canola futures higher on Thursday.
Soybean futures jumped more than 20 cents/bu as heavy flooding in southern Brazil is threatening unharvested crops there. Soymeal also moved higher today, although soyoil did close lower. Crude oil was mixed on the day, and the Canadian dollar higher.
Canola has rebounded after a sell-off to start the week, but more volatility is likely in store amid the possibility of a May 22 railway strike and Prairie weather ups and downs.
July canola gained $11.20 to $636.90, November was up $9.50 at $652.10, and January was $9 higher at $660.50.
