Canola futures ended higher on Tuesday, supported by a weaker Canadian dollar and modest gains in Chicago soybeans.
Canola also attracted technical buying after its recent downturn, with traders taking advantage of prices that had fallen well below the contract highs reached earlier this month.
A weaker Canadian dollar – which hit a 14-month low on Monday - provided additional support by making Canadian canola more competitive in export markets and improving crush margins in Canadian-dollar terms. Gains were limited by lower crude oil prices.
November canola gained $4.70 to $748.80, and January was up $5.50 to $757.20.
