ICE Close: Canola Jumps to New Six-Month Highs

Canola futures finished stronger on Wednesday, climbing above nearby resistance as fund traders added to long positions and covered previous shorts.

Solid export demand, especially from Europe, added to the gains with canola exports to the European Union running about four-times ahead of the year ago level. Overnight gains in Malaysian palm oil and advances in Chicago Board of Trade soyoil also underpinned canola.

However, soybeans were down in Chicago, while the Canadian dollar held steady. Generally favourable Canadian crop conditions kept a lid on the upside, with the harvest only a few weeks away.

November canola was up $3.60 at $491.20, January added $3.30 to $497.80 and March was $2.20 higher at $501.40.

Source: DePutter Publishing Ltd.

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