Canola futures managed more modest gains on Wednesday as it fought off declines in crude oil.
Crude was pressured by optimism about a possible end to the U.S. war in Iran and the potential reopening of the Strait of Hormuz. However, Chicago soybean oil managed gains, offering some spillover support for canola. Soybeans were just mixed on the day, while European rapeseed was also mixed.
Wednesday’s Manitoba crop report showed planting in the province at just over half complete, still behind last year and the average. Planting deadlines in parts of Alberta have been extended due to poor spring conditions and the lagging pace of planting in that province.
July canola was up $6 at $756.70, and November was $7.40 higher at $767.70.
