Canola Futures Surge on Solid Demand and Strong Soybean Prices

ICE Canada canola futures gained ground on Friday morning due to solid demand for end-products, securing old crop supplies ahead of the harvest. Saskatchewan reported that its canola has yet to be swathed or combined, while Manitoba said some swathing was underway earlier in the week. Alberta will release its weekly crop report later today.

The gains in ICE Canada canola futures were supported by increases in Chicago soybeans and soymeal, although soyoil prices were lower. European rapeseed also rose, but Malaysian palm oil declined. Crude oil was relatively stable, offering little direction to the oilseeds.

Canola crush margins retreated slightly, with November positions between C$253 and C$254.10 per tonne above the futures. The Canadian dollar strengthened on Friday morning, reaching 72.05 U.S. cents compared to Thursday's close of 71.75 cents.