Canola futures ended modestly higher on Thursday.
Support came from strength in the Chicago soy complex and European rapeseed, while both palm oil and crude oil finished with losses.
Uncertain Prairie production prospects remained supportive. Today’s Saskatchewan crop report did not update crop conditions but did note a decline in provincial cropland soil moisture compared to a week earlier. Abnormal dryness and drought also increased across the Prairies in June, according to today’s monthly update of the Canadian drought monitor.
The USDA will release its July supply-demand update tomorrow at noon EST, but traders and analysts are not expecting any major revisions compared to June.
November canola gained $4.10 to $685.10, and January was up $4.40 at $693.60.
