Canola futures were strongly stronger on Tuesday due to ongoing concerns about tight supplies and dry conditions across the Prairies.
The rolling out of the November contract into January was a major feature in today’s trading, with one trader saying that crushers and other buyers are worried about the small amount of canola available on the market and are buying as much as they can. Additional support came from increases in European rapeseed and the Chicago soy complex, as well as continued dry conditions across drought-plagued Western Canada ahead of the winter.
Some pressure came from slightly lower Malaysian palm oil values.
November canola jumped $16.70 to $937.80, January was up $16.90 at $932.20 and March was $17.70 higher at $917.80.
Source: DePutter Publishing Ltd.
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