Canola futures followed up the previous day’s sharp gains with more advances on Wednesday.
Strength in global vegetable oil prices, including Chicago soyoil, palm oil and European rapeseed helped to push the market higher.
Crop conditions across Western Canada remain relatively good, although Tuesday’s Manitoba crop report said crops in that province need warmer, drier weather.
Technical indicators suggest a larger rebound in canola is possible, as do fundamental factors, including European rapeseed price strength.
November was up $1.60 at $652.70, and January was $4.10 higher at $662.50.
