Canola futures managed just a mixed close on Wednesday, despite strength in the Chicago soy complex.
The gains in the soy complex were driven by reports the U.S. Environmental Protection Agency is sending its proposal for new biofuel blending volume mandates to the White House, with an expected rule to be finalized by the end of March. The new volume mandate could lead to additional vegetable oil demand as a biofuel feedstock.
On the other hand, both European rapeseed and palm oil were lower, while gains in the Canadian dollar were negative for canola as well.
Statistics Canada reported today that 1.053 million tonnes of canola were crushed in January, down 2.2% from December but still the fifth straight month the crush has the exceeded the 1-million tonne benchmark.
May canola slipped 20 cents to $691.40, and November was $1 higher at $696.10.
