Canola futures finished higher on Thursday, supported by gains in crude oil and strength across the Chicago soy complex.
Firmer crude prices improved the outlook for vegetable-oil demand from the biofuel sector, while advances in Chicago soybeans and soyoil encouraged buying in the Canadian oilseed market.
Weather concerns helped underpin U.S. markets as traders monitored the developing heat across parts of the American Midwest. Temperatures could reach 100 degrees F in parts of the Midwest this weekend, with the season’s first bout of excessive heat potentially lasting into early July.
November canola was up $3 to $747.70, and January added $3.10 to $756.70.
