Canola futures posted strong gains in the new-crop months on Wednesday, while the old-crop July contract fell its daily limit.
Ample spillover support for canola continued to come from sharp gains in the Chicago soy complex, along with increases in European rapeseed and Malaysian palm oil. Dry conditions on the Prairies are also underpinning the market as seeding advances, while a weaker Canadian dollar today added to the upside.
A trader attributed the sharp losses in nearby July canola and the gains in new crop to commercials having turned their focus towards the new-crop months.
July canola fell $30 to $902.30, while the November and January contracts each added $16.90 to $754.70 and $746.10.
Source: DePutter Publishing Ltd.
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