Canola futures were stronger on Thursday, seeing a continuation of Wednesday’s correction off nearby lows as gains in outside markets provided spillover support.
Chicago soybeans and soyoil were higher on the day, underpinned by solid export demand and ongoing South American production uncertainty. European rapeseed and Malaysian palm oil futures were also stronger. Chart-based speculative buying was a feature in the canola market, with both the March and May contracts holding above the psychological C$800/tonne mark.
Strength in the Canadian dollar and expectations for increased export competition from Australia tempered the advances.
March was up $5.60 at $806.10, May gained $7.50 to $807.10, July added $8.60 to $809.50, and new-crop November was $8.20 higher at $794.50.
