Canola futures closed higher on Wednesday, recovering Tuesday’s losses as bullish spillover from U.S. grain and oilseed markets encouraged fresh buying.
Today's USDA supply-demand update lowered expected U.S. corn and soybean yields, sparking broad gains in Chicago futures and helping lift canola alongside the wider oilseed complex. Solid demand from both exporters and domestic crushers added support.
On the other hand, relatively favourable Prairie weather kept the gains in check, as did slightly weaker crude oil.
November canola was up $13.40 at $794.40, and January gained $12.40 to $803.60.
