ICE Close: Canola Gains Some More Ground

Canola futures were stronger on Tuesday, trading on light volume.

Without significant fundamental news, most of the gains were based on follow-through buying and spread trading activity.

Southern Manitoba and southeast Saskatchewan are expecting significant showers today with light rain across other areas. Scattered showers are expected across the Prairies later this week.

The Canadian dollar lost ground against the US dollar today, which was supportive for canola futures. There was also support from gains in the soybean complex. Some traders still seem hesitant to trade canola aggressive until the size of the crop is better known.

November canola gained $1.50 to $448.80, January added $1.50 to $455.50 and March was up $1.50 as well at $461.90.

Source: DePutter Publishing Ltd.

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