ICE Canadian canola futures edged higher on Friday, as limited farmer selling underpinned the market in thin trading volume. November canola added 50 cents at $497.10 per tonne. Farmers are focused on the harvest, rather than selling remaining stocks, but production looks to be ample, a trader said.
Statistics Canada is scheduled to report estimates of crop production next Friday. Traders expect the agency to peg canola production at 20.2 million tonnes, down from 21.3 million a year ago.
The November-January canola spread trades 812 times. Chicago November soyabeans ended slightly higher in a light technical bounce.