Canola futures closed higher on Wednesday, seeing a modest correction after Tuesday's selloff.
Malaysian palm oil climbed to fresh contract highs in overnight activity, which was supportive for vegetable oil markets in general - including canola. Chicago soyoil futures were also up on the day, although soybeans were softer. While seasonal harvest pressure contributed to the losses in soybeans, the Canadian canola harvest is virtually complete and a lack of significant farmer selling was said to be supportive.
The Canadian dollar was firmer on the day, putting some pressure on canola.
November canola was up $2.10 to $903.20, January gained $3.10 to $893.90 and March was $3 higher at $880.90.
Source: DePutter Publishing Ltd.
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