ICE Close: Canola Fails to Hold Gains

Canola settled with small losses on Wednesday, after a volatile trading session that saw prices bounce around within a wide range.

Speculative short-covering provided support for much of the day, with a lack of significant farmer selling on the other side also underpinning the futures as producers remain focused on spring seeding.

Gains in Chicago Board of Trade soybeans and dryness concerns in parts of Western Canada were also somewhat supportive.

However, the large old-crop supplies and ongoing concerns over Chinese demand tempered the upside and canola failed to hold onto its gains.

July canola slipped 90 cents to $441.50, November lost 50 cents to $453.20 and January dropped 80 cents to $459.

Source: DePutter Publishing Ltd.

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