Canola futures ended stronger on Wednesday after trading to both sides of unchanged, with the largest gains in the nearby May contract as some speculative stops were hit on the way up.
Tuesday's move above the 20-day moving average was bullish from a chart-standpoint, which encouraged more fund buying on Wednesday as the May contract touched its strongest levels in two weeks. Tightening supplies and the need to ration demand also provided support, with dryness concerns across much of the Prairies ahead of spring seeding also supportive.
However, losses in Chicago Board of Trade soybeans and soyoil put some pressure on the Canadian oilseed.
May canola was $15.30 higher at $800.40, July gained $5.40 to $740.50 and November added $1.50 to $627.
Source: DePutter Publishing Ltd.
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