Canola futures rose for the fifth day in a row on Thursday, shrugging off declines in the U.S. soybean market, after a closely watched government report showed the Canadian canola crop was smaller than expected.
The front-month canola contract hit its highest since Oct. 23.
A weaker Canadian dollar also contributed to the strength in canola.
Statistics Canada estimated Canada’s 2018 canola crop at 20.343 million tonnes, down from 21.3 million in 2017 and below an average of trade estimates for 20.8 million. January canola RSF9 settled $1.40 higher at $486.10.
The March canola contract RSH9 rose $1.30 to $493.30.
Chicago January soybeans SF9 dropped 4 cents to $9.09-1/2 a bushel.
February Paris Matif rapeseed futures /COMG9 fell while Malaysian February palm oil futures /1FCPOG9 ended slightly higher.
The Canadian dollar fell against its U.S. counterpart on Thursday to a nearly 18-month low, as Bank of Canada Governor Stephen Poloz said the economy was weaker than forecast.
