ICE Close: Canola Hits Fresh Highs on Back of Spec Buying

The canola market was stronger on Wednesday, hitting fresh contract highs for the second-straight session as speculators continued to add to their long positions.

While tight supplies remained supportive, canola is already priced high enough to ration demand and a trader said there was no reason for the futures to keep moving higher from a fundamental standpoint.

Chicago soyoil futures were weaker on the day, which put some spillover pressure on canola. A firmer tone in the Canadian dollar also weighed on values, with the currency back above 81 U.S. cents.

November canola gained $21.90 to $983.30, January was $6 higher at $960.60 and March was up $1.30 to $938.50.

Source: DePutter Publishing Ltd.

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