Canola futures managed modest gains on Friday, holding firm despite a sharply lower corn market and bearish surprises in the USDA's October supply and demand reports.
Soybean futures recovered from earlier losses following the USDA reports, providing some underlying support for canola. Soyoil also managed to close with gains. However, advances were limited by harvest pressure and positioning ahead of the Canadian Thanksgiving long weekend.
Improving harvest conditions across Western Canada also tempered buying interest, with producers making substantial progress after earlier delays caused by wet weather. Saskatchewan's canola harvest was 72% complete as of Monday, while Alberta's harvest had reached 56% as of Tuesday.
November canola gained 80 cents to $816.70, and January was up 90 cents at $829.80
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