Canola Futures Hit Near Contract Highs as Crude Oil and Soy Complex Rally

Canola futures closed higher on Thursday, just shy of contract highs. The climb was supported by gains in crude oil and the Chicago soy complex. Weather concerns in parts of the Prairies added to the firm tone. In the US, soybean, corn, and wheat futures were also higher ahead of Friday's monthly USDA supply/demand estimates.

The market update comes from Phil Franz-Warkentin of the Western Producer Markets Desk. Weather concerns on the Prairies played a role in the gains, as did positioning for the upcoming USDA report.