Canola futures managed gains on Thursday, even as harvest progress is accelerating across Western Canada.
Gains in Chicago soy complex oil helped to lift canola, as did advances in European rapeseed. However, palm oil was lower on the day.
Today’s Saskatchewan crop report showed the overall harvest in that province at 41% complete as of Monday, up from 23% a week earlier. Canola was estimated at 12% harvested. The report pegged the average canola yield in Saskatchewan, the largest production province, at 39 bu/acre, slightly below Statistics Canada’s August projection of 40.3 bu/acre. StatsCan will release updated yield and production estimates next week.
November canola was up $3.60 at $631.70, and January was $3.40 higher at $644.10.
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