Canola futures ended little changed on Wednesday, after trading higher earlier in the session.
Some support for the market came from a weaker Canadian dollar and strength in Malaysian palm prices amid tightening world stocks.
On the other side, canola continues to await good news in terms of Chinese export business. On Tuesday, Prime Minister Justin Trudeau tweeted that Canadian pork and beef exports to China were set to resume, but there was no mention of canola shipments which have been curbed since late last year following Canada’s arrest of Huawei executive Meng Wanzhou in Vancouver.
The USDA is scheduled to release updated 2019-20 U.S. supply-demand estimates on Friday, which should provide further market direction for soybeans and canola.
January and March canola both gained 30 cents to close at $462.30 and $471.70. May was also up 30 cents to close at $480.50.
Source: DePutter Publishing Ltd.
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