Canola futures managed modest gains on Wednesday, after the market was closed for national Truth and Reconciliation Day a day earlier.
Gains in Chicago soybeans and soybean oil offered support to canola, which earlier in the day saw the November contract fall below the $600/tonne level. Soybeans drew support from US President Donald Trump’s post on Truth Social that he would be discussing the soybean trade with Chinese President Xi Jinping when the pair meet in four weeks. European rapeseed and palm oil were both higher, which provided further support.
Ongoing harvest pressure continues to overhang the market. Today’s manitoba crop report showed the overall harvest in the province at 72% done as of Monday, with canola at 76% complete.
November canola gained $2 to $607.20, and January was up $1.50 at $619.70.
