Canola futures managed small gains on Wednesday, reversing earlier losses as a late turnaround in crude oil provided support.
A softer Canadian dollar also offered some underlying support for canola as well. European rapeseed was modestly higher as well, although Chicago soybeans and soyoil finished lower.
The upside was limited by improving Prairie harvest conditions. Manitoba’s canola harvest reached 43% complete as of Monday, while better weather has allowed harvest activity to pick up elsewhere across the Prairies. Reports today said China has made renewed purchases of Australian canola, which could mean greater competition for Canadian exports.
November canola settled 80 cents higher at $825.10, while January gained $1.10 to $837.20.
