ICE Close: Canola Ends Higher after Choppy Start

Canola futures found traction and closed higher on Friday after bouncing back and forth to either side of unchanged earlier in the day. 

Support came from good gains in Chicago soyoil, but further gains were tempered by losses in soybeans, soymeal and European rapeseed. Small upticks in global crude oil prices lent some spillover support to vegetable oils. The Malaysian palm oil market was closed for a holiday.  

Harvest progress across the Prairies continued to have a bearish effect on canola. However, rain over parts of Alberta and Manitoba on Friday did delay fieldwork in some cases.   

In this Mesonet Weather Report, Oklahoma state climatologist Gary McManus explains how drought conditions are expanding across the state, while new rain chances may offer some relief. Get the latest Oklahoma weather outlook, drought updat