Canola futures were stronger to end the week, seeing a continued recovery off the nearby lows hit earlier in the week.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day, providing spillover support for canola. Forecasts calling for hotter temperatures and only sporadic rainfall across the Canadian Prairies contributed to the gains, although trade was thin and choppy.
Weekly Canadian canola exports of 99,100 tonnes during the week ended July 3 were roughly double what moved the previous week, according to the latest Canadian Grain Commission data. However, total exports during the crop-year-to-date of 4.9 million tonnes remain well behind the 10.1 million moved through 48 weeks of the 2020/21 marketing year.
November canola was up $6 at $855.10, January was $6.20 higher at $862.20, and March was $6.30 higher at $869.30.
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