Canola futures were mixed at the end of trading on Thursday, with prices for the front months higher, and the new-crop contracts little changed.
Short covering provided some support to canola, as did ideas China may be quietly buying up Canadian canola, despite the current political tensions between the two countries.
In fact, one trader said China may be doing the same thing with Canadian canola as it is with U.S. soybeans – using a trade issue to push the market lower before coming in to buy. However, he admitted there is no real evidence yet of how much buying China may or may not be doing.
On the other hand, large domestic supplies and an expected burdensome carryout weighed on values.
May canola was up $2.90 at $461.20, July added $2.30 to $469.40 and new-crop November was down 20 cents at $480.60.
Source: DePutter Publishing Ltd.
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