Canola futures finished slightly higher on Thursday as the market returned from the Canada Day holiday a day earlier.
Modest gains in crude oil provided some support for vegetable oils and helped lift canola, while mixed movement in Chicago soybeans and soyoil kept the advance restrained. Crude oil settled marginally higher Thursday on short covering ahead of the U.S. holiday weekend.
Trading was relatively cautious, however, as market participants adjusted positions ahead of another holiday interruption. U.S. markets will be closed Friday for the Independence Day holiday, reducing direction from Chicago until trading resumes next week. Prairie weather also remained a background influence, with excessive moisture in some areas supporting crop concerns, although generally favourable conditions elsewhere and Canada’s larger projected canola acreage limited the upside.
November was up 41.20 at $736.50, and January added $1.50 to $745.40.
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