Canola futures closed moderately higher on Wednesday, with the January contract closing back above $800/tonne.
Renewed geopolitical concerns in the Black Sea helped pull the market higher. Reports that Russian President Vladimir Putin was considering escalating attacks against Ukrainian infrastructure added a fresh risk premium to global grain and oilseed markets, with European rapeseed also finishing higher. Canola had traded lower earlier in the day as weaker Chicago soyoil, Malaysian palm oil, and crude oil weighed on values. A weaker Canadian dollar also provided some support, making Canadian canola more competitive in export markets.
Tuesday's Manitoba crop report showed the harvest in that province at 4% complete as of Monday, with 2% of the canola in the bin.
November was up $8.60 to $798.30, and January gained $8.70 to $808.30.
