Canola futures posted solid gains on Wednesday, closing higher for the second straight day.
Advances in palm oil and European rapeseed helped to support canola, although Chicago soyoil did end in the red. A weaker Canadian dollar was supportive for canola as well.
Overall, canola has bounced $30-$35/tonne this week.
Tuesday’s Manitoba crop report said recent warm weather has aided crop development in the province, although heavy rains in various locations continue to cause problems for farmers. Canola ranges from rosette to early podding, the report said.
November canola gained $10.30 to $631.50, and January was up $9.60 at $637.90.
