The canola market was stronger on Wednesday, moving back above the key C$800/tonne level in the November contract on ideas values were underpriced compared to the product prices.
Crush margins remain historically wide, which should be encouraging end-user demand as processing canola seed should be very profitable. Gains in European rapeseed and Malaysian palm oil futures were also supportive, although losses in the Chicago soy complex tempered the upside.
Seasonal harvest pressure was another bearish influence. However, scattered showers and the risk of frost in some areas will likely cause some delays in the coming days.
November canola was up $16.60 at $802.20, January was $16.40 higher at $811.90, and March gained $16.20 to $819.30.
Source: DePutter Publishing Ltd.
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