Canola futures moved higher on Wednesday amid slow farmer selling.
Gains in Chicago soybean oil and European rapeseed further underpinned canola, although the upside was tempered by losses in Malaysian palm oil.
A trader pointed out the markets have yet to be affected by the dozens of demonstrations across Canada that are impeding commercial traffic. These demonstrations have been in support of Wet’suwet’en Nation in British Columbia, which has been protesting against the new Coastal GasLink pipeline crossing its traditional territory.
March and May canola each gained $4 to close at $463.40 and $472.60. New-crop November was $3.80 higher at $486.
Source: DePutter Publishing Ltd.
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