Canola futures were stronger on Wednesday, taking some direction from Chicago Board of Trade soybeans.
Soybeans were up sharply as wet weather across the Midwestern United States continued to stress crops and delay seeding. Meanwhile, a persistent lack of moisture in some key Canadian growing regions also remained supportive, according to traders.
However, the large old-crop supply situation and persistent concerns over trade with China tempered the upside.
Canola prices also neared chart resistance from a technical standpoint.
July canola gained $2 to $457.50, November was up $3.30 at $468.90 and January closed $2.80 higher at $473.90.
Source: DePutter Publishing Ltd.
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