Canola futures closed higher Wednesday amid strength in Chicago soybeans and soybean oil.
The gains in soybeans and soyoil spilled over into the canola market and outweighed pressure from lower crude oil. Reports attributed some of the buying in soybean oil to speculation ahead of a White House agriculture event on Friday, where the Trump administration could unveil or signal a decision on long-delayed U.S. biofuel blending quotas.
A weaker Canadian dollar also supported canola. European rapeseed and palm oil were both mixed on the day.
May canola was up $3.30 at $727.20, and November added $3.90 to $734.10.
