Canola futures were narrowly mixed at Wednesday’s close with the bias higher in the most active front months after a choppy session that saw prices trade within a wide range.
Gains in Chicago soyoil provided underlying support, although soybeans were lower on the day. The need to keep a weather premium in the canola market, with crop development thought to be running at least two weeks behind normal in many areas, added to the firmer tone.
Strength in the Canadian dollar tempered the advances. The currency was up by roughly two-thirds of a cent relative to its US counterpart, cutting into crush margins and making exports less attractive to global buyers.
November canola was $2.10 higher at $856, January gained $1.40 to $865, and March was up $1.10 at $871.30.
Source: DePutter Publishing Ltd.
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