Canola futures inched slightly higher on Wednesday, as gains in the Chicago soy complex spilled over to support.
Weakness in the Canada dollar also underpinned canola, with the loonie hitting a seven-month low ahead of the federal budget yesterday and then losing more ground today. Gains in palm oil lent further support to canola, while European rapeseed was mainly higher.
On the other hand, crude oil fell to around $60/barrel today amid larger US inventories and fears of weaker demand.
January canola was up 30 cents at $640.40, and March was a dime higher at $651.50.
