Canola futures ended higher on Wednesday, despite weakness in some outside vegetable oil and energy markets.
U.S. crude oil fell to a three-week low, while nearby gasoline futures dropped to their lowest level in nearly five months. Energy prices were pressured by growing optimism the U.S. and Iran are nearing an agreement that could reopen the Strait of Hormuz and ease concerns about global petroleum supplies.
Chicago soybeans and soybean oil also finished lower, while palm oil was mixed. European rapeseed did close higher.
Concerns about tightening global rapeseed supplies and steady commercial demand offered support for canola.
The Canadian dollar moved higher today, after touching a six-day low on Tuesday.
November canola was up $5.30 at $766, and January gained $5 to $775.70.
