Canola futures ended higher on Wednesday amid good gains in crude oil.
Crude moved higher on improving economic sentiment after a tentative US-China trade deal was announced. However, the deal remains tentative and the scope of any agreements relatively small, according to published reports. Chicago soybean oil futures also ended higher, although soybeans did close with losses.
Plam oil was lower while European rapeseed was little changed and provided no clear direction.
Much of Western Canada remains too dry, but rain is forecast for many areas over the next week or so. But follow-up moisture will still be important and needed.
The USDA will release its monthly WASDE report tomorrow at 11 am CST.
July canola gained $5.10 to $714,30, and November was up $2.70 at $693.90.
