Canola futures ended with modest gains on Wednesday, with the nearby March contract settling at the $650/tonne mark.
Strength in crude oil and Chicago soybeans helped to support canola, as did gains in palm oil. European rapeseed was mainly higher. On the other hand, soyoil was lower on the day.
The Canadian dollar was higher again today.
Round-number levels like $650 tend to attract resting orders and trigger points. That can amplify the next session or two: either quick follow-through higher, or sharp reversals lower.
March was up $3.50 at $650, and November was $2.80 higher at $658.40.
